Back by popular demand is Deutsche Bank's follow-up to its debut Mapping the World’s Financial Markets report. Cheer up. Things aren't as bad as they seem.
screen20shot202013-02-1320at2013.png
The sensible but disorderly wave of global deleveraging post-Lehman means global financial assets as a proportion of world GDP is, as of 2012, less than what it was a decade ago:
![screen20shot202013-02-1320at2012.png](https://assets.euromoneydigital.com/dims4/default/f0a4f33/2147483647/strip/true/crop/772x569+0+0/resize/800x590!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fec%2F08%2Ff4752ef41fac1e752fb05a51c364%2Fscreen20shot202013-02-1320at2012.png)
Forget about that multi-polar financial world for now:
![screen20shot202013-02-1320at2012.png](https://assets.euromoneydigital.com/dims4/default/f0a4f33/2147483647/strip/true/crop/772x569+0+0/resize/800x590!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fec%2F08%2Ff4752ef41fac1e752fb05a51c364%2Fscreen20shot202013-02-1320at2012.png)
Hard currency debt securities have grown in absolute terms but that has been dwarfed by domestic debt expansion, thanks to emerging markets:
![screen20shot202013-02-1320at2012.png](https://assets.euromoneydigital.com/dims4/default/f0a4f33/2147483647/strip/true/crop/772x569+0+0/resize/800x590!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fec%2F08%2Ff4752ef41fac1e752fb05a51c364%2Fscreen20shot202013-02-1320at2012.png)
To prove the point that emerging markets are big economically but small financially, take a look at how tiny their bond markets are in absolute terms (and often closed off to foreigners, as is the case with China):
![screen20shot202013-02-1320at2013.png](https://assets.euromoneydigital.com/dims4/default/27aa038/2147483647/strip/true/crop/753x583+0+0/resize/800x619!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fb3%2Fac%2Fd36305f08f2a7132e8bc2076fa6b%2Fscreen20shot202013-02-1320at2013.png)
Remember ABS:
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America, $$ck yeah:
![screen20shot202013-02-1320at2013.png](https://assets.euromoneydigital.com/dims4/default/27aa038/2147483647/strip/true/crop/753x583+0+0/resize/800x619!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fb3%2Fac%2Fd36305f08f2a7132e8bc2076fa6b%2Fscreen20shot202013-02-1320at2013.png)
Call it what you will (global imbalances, mercantilism, currency wars or plain old accumulation):
![screen20shot202013-02-1320at2013.png](https://assets.euromoneydigital.com/dims4/default/27aa038/2147483647/strip/true/crop/753x583+0+0/resize/800x619!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fb3%2Fac%2Fd36305f08f2a7132e8bc2076fa6b%2Fscreen20shot202013-02-1320at2013.png)
The sugar daddies:
![screen20shot202013-02-1320at2013.png](https://assets.euromoneydigital.com/dims4/default/27aa038/2147483647/strip/true/crop/753x583+0+0/resize/800x619!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fb3%2Fac%2Fd36305f08f2a7132e8bc2076fa6b%2Fscreen20shot202013-02-1320at2013.png)
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