In Figure 13.1, would it have been better to have deducted dividends from the net cash raised from shareholders? Should we then have deducted interest payments from net cash raised from debtholders? If so, how would you have defined “internal funds”?

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FIGURE 13.11 Nonfinancial corpora- tions' portfolio allocations, 2000-2019, percentage of GDP. Source: Bank of Japan, EUROSTAT, Federal Reserve Board, and the IMF. We are grateful to Michael Chui for this figure. Percent 90 80 70 60- 50 40 30 20 10 0 Banks Equity Loans and trade credit Other 11 U.S. (90%) U.K. (106%) Euro area (185%) Japan (168%)