External balance stage
Where a country sits in the balance-of-payments life cycle, from young borrower to mature creditor, read from trade, income from abroad, the current account and net foreign assets.
The balance-of-payments stages hypothesis of Geoffrey Crowther (1957) and Charles Kindleberger (1963): as an economy develops it moves from borrowing abroad, through repaying, to lending and finally living off its foreign assets.
Stages describe where a country sits against its own past and other countries. They are not ratings: no stage is better or worse than another, and Palanor never sorts countries by one.
Publishing stages · 71 countries · yearly, 1990 on · method v1, pre-registered 2026-10-22
Passes the pre-registered episode check: 7 of 7 episodes read as expected (0 missed, 0 untestable).
The stages
1. Immature debtor
Imports exceed exports and the country borrows from abroad to cover the gap and its interest.
2. Mature debtor
Trade is near balance, but interest and dividends paid abroad keep the current account in deficit.
3. Debt repayer
A trade surplus now exceeds payments abroad: the country pays its debts down.
4. Immature creditor
Surpluses have turned it into a net creditor; trade still runs a surplus.
5. Mature creditor
Income from assets abroad now covers a trade deficit; the current account stays in surplus.
6. Credit disinvestor
Trade deficits outrun income from abroad: the country draws its foreign assets down.
Denmark
Country Dossier →Mature creditor50% · coverage 100% · as of 2025-12-31
Mature creditor. 3 of 4 indicators that speak to this stage sit at or near its range. Current account, % of GDP reads 12.6%, within > 0.5%. Net exports, % of GDP disagrees at 11.0%, reading as Debt repayer.
| Evidence | Value | As of | Reads as |
|---|---|---|---|
| Net exports, % of GDP | 11.0% | 2025 | stage 3 |
| Net income from abroad, % of GDP | 2.69% | 2025 | stage 5 |
| Current account, % of GDP | 12.6% | 2025 | stage 3 |
| Net international investment position, % of GDP | 102.0% | 2025 | stage 5 |
| Net international investment position, 5-year change (pts) | +37.2 | 2025 | stage 3 |
Where each country has been
One row per country, alphabetical; one cell per year, shaded by the leading stage. Hatched cells were withheld: too little of the evidence was published to place the country. Select a country for its reading and evidence.
| Country | 1990 | 1995 | 2000 | 2005 | 2010 | 2015 | 2020 | 2025 | Latest | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Argentina | Mature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Australia | Mature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Austria | Immature creditor 2025 | ||||||||||||||||||||||||||||||||||||
| Bahrain | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Belgium | Mature creditor 2025 | ||||||||||||||||||||||||||||||||||||
| Bolivia | Immature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Brazil | Mature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Bulgaria | Immature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Canada | Credit disinvestor 2025 | ||||||||||||||||||||||||||||||||||||
| Chile | Mature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| China | Immature creditor 2025 | ||||||||||||||||||||||||||||||||||||
| Colombia | Immature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Costa Rica | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Croatia | Immature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Cyprus | Mature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Czechia | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Denmark | Mature creditor 2025 | ||||||||||||||||||||||||||||||||||||
| DR Congo | Mature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Ecuador | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Egypt | Immature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Estonia | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Ethiopia | Immature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Finland | Immature creditor 2025 | ||||||||||||||||||||||||||||||||||||
| France | Mature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Germany | Mature creditor 2025 | ||||||||||||||||||||||||||||||||||||
| Greece | Immature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Hungary | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Iceland | Credit disinvestor 2025 | ||||||||||||||||||||||||||||||||||||
| India | Mature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Indonesia | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Iran | Withheld | ||||||||||||||||||||||||||||||||||||
| Iraq | Immature creditor 2025 | ||||||||||||||||||||||||||||||||||||
| Ireland | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Israel | Immature creditor 2025 | ||||||||||||||||||||||||||||||||||||
| Italy | Immature creditor 2025 | ||||||||||||||||||||||||||||||||||||
| Japan | Mature creditor 2025 | ||||||||||||||||||||||||||||||||||||
| Jordan | Mature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Kuwait | Mature creditor 2025 | ||||||||||||||||||||||||||||||||||||
| Latvia | Immature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Lithuania | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Luxembourg | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Malta | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Mexico | Mature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Namibia | Immature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Netherlands | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| New Zealand | Mature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Norway | Mature creditor 2025 | ||||||||||||||||||||||||||||||||||||
| Oman | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Panama | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Paraguay | Immature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Peru | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Poland | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Portugal | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Qatar | Debt repayer 2024 | ||||||||||||||||||||||||||||||||||||
| Romania | Immature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Russia | Immature creditor 2025 | ||||||||||||||||||||||||||||||||||||
| Saudi Arabia | Credit disinvestor 2025 | ||||||||||||||||||||||||||||||||||||
| Sierra Leone | Immature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Slovakia | Mature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Slovenia | Immature creditor 2025 | ||||||||||||||||||||||||||||||||||||
| South Africa | Mature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| South Korea | Immature creditor 2025 | ||||||||||||||||||||||||||||||||||||
| Spain | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Sweden | Mature creditor 2025 | ||||||||||||||||||||||||||||||||||||
| Switzerland | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Turkey | Mature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| United Arab Emirates | Immature creditor 2025 | ||||||||||||||||||||||||||||||||||||
| United Kingdom | Immature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| United States | Immature debtor 2025 | ||||||||||||||||||||||||||||||||||||
| Uruguay | Debt repayer 2025 | ||||||||||||||||||||||||||||||||||||
| Zambia | Mature debtor 2025 |
How it is read
Each indicator has a range for every stage it speaks to, in its own units. A value inside a range counts fully for that stage and less the further outside it falls. Stage fits become probabilities; the leading stage is published only when at least 60% of the indicator weight is readable and fresh, a strong stage’s named evidence agrees (gates), and a challenger leads the current stage by 15 points before the call changes.
| Indicator | Weight | Immature debtor | Mature debtor | Debt repayer | Immature creditor | Mature creditor | Credit disinvestor |
|---|---|---|---|---|---|---|---|
| Net exports, % of GDP | 24% | < -1.0% | -2.0% – 2.0% | > 1.0% | > 1.0% | < 1.0% | < -1.0% |
| Net income from abroad, % of GDP | 18% | < 0.0% | < -1.0% | < -0.5% | -1.0% – 2.0% | > 0.5% | > 0.5% |
| Current account, % of GDP | 24% | < -1.0% | < -0.5% | > 0.5% | > 1.0% | > 0.5% | < -0.5% |
| Net international investment position, % of GDP | 24% | < 0.0% | < -10.0% | < -5.0% | -10.0% – 40.0% | > 10.0% | > 10.0% |
| Net international investment position, 5-year change (pts)change over 5 years | 12% | < 0.0 | — | > 0.0 | > 0.0 | — | < 0.0 |
Gates: Immature creditor needs current account, % of gdp at or near its range; Mature creditor needs net international investment position, % of gdp at or near its range; Credit disinvestor needs net international investment position, % of gdp at or near its range.
The publish gate
Before any reading was computed, Palanor named known episodes and the stages they should read as. A schema publishes stages only if at least two episodes read as expected and hits outnumber misses. Misses stay on this page.
| Episode | Expected | Read (years) | Outcome |
|---|---|---|---|
| Japan, 1996–2010 | Immature creditor | Immature creditor 8, Mature creditor 7 | hit |
| Japan, 2011–2015 | Mature creditor or Credit disinvestor | Mature creditor 5 | hit |
| Germany, 2005–2024 | Immature creditor | Immature creditor 13, Mature creditor 7 | hit |
| China, 2005–2020 | Immature creditor | Immature creditor 14, Mature creditor 2 | hit |
| Greece, 2005–2010 | Immature debtor | Immature debtor 6 | hit |
| Australia, 1996–2019 | Immature debtor or Mature debtor | Mature debtor 16, Immature debtor 8 | hit |
| Norway, 2005–2024 | Immature creditor or Mature creditor | Debt repayer 10, Immature creditor 8, Mature creditor 2 | hit |
What it cannot see
Few countries follow the sequence in order. The United States runs trade and current-account deficits with a negative net foreign position yet earns more on its assets abroad than it pays, which no single stage describes; its reading is split and says so. Net exports here are from the national accounts (goods and services).
References
- Geoffrey Crowther, Balances and Imbalances of Payments (1957).
- Charles P. Kindleberger, International Economics (3rd ed.) (1963).
- IMF, Balance of Payments and International Investment Position Statistics (2025).
Recomputed weekly · last 2026-10-22 · signals country.<iso3>.schema.external-balance.stage and .position · How Country Schemas work