|**61**|CZECH_REPUBLIC|VIETNAM|SYRIA|0.62|MALAYSIA***|
|---|---|---|---|---|---|
|**62**|EL SALVADOR|PANAMA|DENMARK|032|MACAU|
|**63**|<br>ESTONIA|TUNISIA|UAE|.<br>0.43|SPAIN***|
|**64**|UAE|CZECH_REPUBLIC|LEBANON|0.31|JORDAN***|
|**65**|FRANCE|USA|SIERRA LEONE|0.89|DENMARK***|
|**66**|GREECE|UAE|BOLIVIA|0.69|CHILE|
|**67**<br>|JORDAN|CROATIA|LATVIA|0.50|CROATIA*|
|**68**|BOSNIA-HERZEGOVINA|JORDAN|KAZAKHSTAN|0.40|FINLAND***|
|**69**|ARGENTINA|CHILE|MALAYSIA|0.26|BAHRAIN|
|**70**|SYRIA|DENMARK|NORWAY|0.56|ITALY***|
|**71**|LITHUANIA|BANGLADESH|INDONESIA|0.50|FRANCE***|
|**72**|VENEZUELA|POLAND|KENYA|0.15|LITHUANIA*|
|**73**|KUWAIT|UNITED KINGDOM|KOREA|0.24|MALTA*|
|**74**|AUSTRIA|MOROCCO|NETHERLANDS|1.00|CZECH_REPUBLIC|
|**75**|POLAND|MALAYSIA|MOLDOVA REP. OF|0.74|AUSTRIA***|
|**76**|OMAN|THAILAND|CAMBODIA|0.66|ISRAEL|
|**77**|CYPRUS|SINGAPORE|ESTONIA|0.85|CANADA***|
|**78**|AUSTRALIA|QATAR|ITALY|0.28|KOREA**|
|**79**|SOUTH AFRICA|HONG_KONG|BELGIUM|0.71|AUSTRALIA***|
|**80**|CHINA|CYPRUS|ISRAEL|0.91|GUATEMALA|
|**81**|VIETNAM|EGYPT|HONG_KONG|0.07|ROMANIA|
|**82**|MALAYSIA|SLOVAKIA|MONACO|0.31|JAPAN***|
|**83**|MACEDONIA (FYROM)|SYRIA|AUSTRIA|0.54|BOSNIA-HERZEGOVINA|
|**84**|QATAR|NEW ZEALAND|CANADA|0.22|BELARUS|
|**85**|PORTUGAL|CHINA|CHINA|0.39|SYRIA|
|**86**|SWITZERLAND|ITALY|ALGERIA|0.29|TAIWAN***|
|**87**|FINLAND|PORTUGAL|BAHRAIN|0.03|LIECHTENSTEIN***|
|**88**|UNITED KINGDOM|ICELAND|JAPAN|0.38|LEBANON|
|**89**|IRELAND|LEBANON|TUNISIA|0.23|BELGIUM***|
|**90**|ISRAEL|KOREA|ETHIOPIA|0.47|ESTONIA|
|**91**|MALTA|IRAN|AUSTRALIA|0.54|UGANDA|
|**92**|SWEDEN|ISRAEL|SPAIN|0.19|LUXEMBOURG***|
|**93**|CANADA|GERMANY|TAIWAN|0.25|MONACO|
|**94**|LEBANON|LATVIA|LUXEMBOURG|0.26|LATVIA|
|**95**|KOREA|SPAIN|FRANCE|0.26|PORTUGAL|
|**96**|NORWAY|BAHRAIN|LITHUANIA|0.62|IRELAND***|
|**97**|SPAIN|AUSTRIA|OMAN|0.95|NORWAY***|
|**98**|JAPAN|BERMUDA|COSTA RICA|0.57|SAUDI ARABIA|
|**99**|BELARUS|CANADA|THAILAND|0.10|CYPRUS|
|**100**|ETHIOPIA|SWITZERLAND|IRELAND|0.18|SWEDEN|
|**101**|NETHERLANDS|MAURITIUS|MALTA|0.55|MOROCCO|
|**102**|IRAN|ESTONIA|YEMEN|0.78|SINGAPORE|
|**103**|SERBIA|NORWAY|SLOVAKIA|0.07|GERMANY|
|**104**||GREECE|POLAND|0.12|NETHERLANDS|
|**105**||BELGIUM|NEPAL|0.04|ANGOLA|
|**106**||FRANCE|MAURITIUS|0.76|NEW ZEALAND|
|**107**||LITHUANIA|USA|0.02|VENEZUELA|
|**108**||AUSTRALIA|UKRAINE|0.08|UNITED KINGDOM|
|**109**||JAPAN|LIECHTENSTEIN|0.39|SWITZERLAND|
|**110**||KUWAIT|EGYPT|017|UZBEKISTAN|
|**111**||MALTA|FINLAND|.<br>0.31|ICELAND|
|**112**||MACAU|MACAU|0.83|PHILIPPINES***|
|**113**||TAIWAN|IRAN|091|AZERBAIJAN|
|**114**||NETHERLANDS|BANGLADESH|.<br>0.53|PERU|
|**115**||FINLAND|QATAR|0.63|ALBANIA|
|**116**||INDIA|BERMUDA|0.02|COLOMBIA**|
|**117**||LUXEMBOURG|GREECE|0.70|ECUADOR|
|**118**||MONACO|KUWAIT|007|JAMAICA|
|**119**||IRELAND|INDIA|.<br>0.78|SOUTH AFRICA|
|**120**||LIECHTENSTEIN|CAYMAN ISLANDS|0.97|PAKISTAN**|
|**121**||CAYMAN ISLANDS|MOZAMBIQUE|0.84|ZAMBIA|

_Source_ : Authors’ calculations based on BankScope data and IFS (IMF).

Note: We rank countries according to their spreads in descending order. In the first column we rank countries according to their IFS spreads (lending-deposit rates).In the second column we rank countries according to the NIM. In the third column we rank countries according to I&R (micro) factors and include the R<sup>2</sup> measure for our regression used to measure I&R factors. In the fifth column we rank countries according to their macro spreads (*=10% significance, **=5% significance, ***=1% significance).

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