| Country | Expected | Expected | Expected | Ex-Ante | Hitting Time | Hitting Time | |
| Credit Rating | Returns | Returns | Returns | Volatility | in Years | in Years | |
| Country | March 1995 | Linear Model | Log Model | Risk Model | Log Model | Break-Even | Doubling |
| Afghanistan | 8.7 | 38.6% | 53.1% | 85.2% | 55.8% | 1.82 | 4.85 |
| Albania | 12.7 | 37.4% | 47.1% | 63.3% | 50.1% | 1.86 | 5.25 |
| Algeria | 23.5 | 34.0% | 37.0% | 38.6% | 40.9% | 2.01 | 6.25 |
| Angola | 10.9 | 38.0% | 49.5% | 71.4% | 52.4% | 1.84 | 5.08 |
| Argentina | 38.9 | 29.2% | 28.3% | 26.0% | 33.3% | 2.27 | 7.73 |
| Australia | 70.9 | 18.6% | 17.4% | 16.9% | 24.3% | 3.18 | 11.89 |
| Austria | 86.2 | 13.4% | 13.8% | 14.9% | 21.3% | 3.94 | 14.95 |
| Bahrain | 52.2 | 24.8% | 23.0% | 20.9% | 28.9% | 2.58 | 9.22 |
| Bangladesh | 24.8 | 33.6% | 36.1% | 37.0% | 40.0% | 2.03 | 6.36 |
| Barbados | 38.2 | 29.4% | 28.6% | 26.4% | 33.6% | 2.26 | 7.66 |
| Belarus | 15.2 | 36.6% | 44.2% | 54.8% | 47.4% | 1.89 | 5.48 |
| Belgium | 78.6 | 16.0% | 15.5% | 15.8% | 22.7% | 3.53 | 13.30 |
| Benin | 15.1 | 36.7% | 44.3% | 55.1% | 47.5% | 1.89 | 5.47 |
| Bolivia | 22.5 | 34.4% | 37.7% | 40.0% | 41.5% | 1.99 | 6.15 |
| Botswana | 48.5 | 26.0% | 24.4% | 22.1% | 30.0% | 2.49 | 8.78 |
| Brazil | 33.4 | 30.9% | 30.9% | 29.3% | 35.6% | 2.17 | 7.18 |
| Bulgaria | 21.9 | 34.5% | 38.1% | 40.9% | 41.9% | 1.98 | 6.10 |
| Burkina Faso | 16.7 | 36.2% | 42.6% | 50.8% | 46.0% | 1.91 | 5.62 |
| Cameroon | 19.2 | 35.4% | 40.3% | 45.4% | 43.9% | 1.94 | 5.85 |
| Canada | 80.2 | 15.4% | 15.1% | 15.6% | 22.4% | 3.61 | 13.63 |
| Chile | 55.6 | 23.7% | 21.9% | 20.0% | 27.9% | 2.67 | 9.64 |
| China | 57.6 | 23.1% | 21.2% | 19.5% | 27.4% | 2.73 | 9.90 |
| Colombia | 45.7 | 27.0% | 25.4% | 23.1% | 30.9% | 2.42 | 8.46 |
| Congo | 14.8 | 36.8% | 44.6% | 56.0% | 47.8% | 1.89 | 5.45 |
| Costa Rica | 30.9 | 31.7% | 32.3% | 31.1% | 36.7% | 2.13 | 6.94 |
| Cote d'Ivoire | 17.7 | 35.9% | 41.7% | 48.5% | 45.1% | 1.92 | 5.71 |
| Croatia | 17.1 | 36.0% | 42.3% | 49.9% | 45.6% | 1.92 | 5.66 |
| Cuba | 8.2 | 38.8% | 54.0% | 89.2% | 56.7% | 1.81 | 4.80 |
| Cyprus | 52.6 | 24.7% | 22.9% | 20.8% | 28.7% | 2.59 | 9.26 |
| Czech Republic | 55.8 | 23.7% | 21.8% | 20.0% | 27.9% | 2.68 | 9.67 |
| Denmark | 79.3 | 15.7% | 15.3% | 15.7% | 22.6% | 3.56 | 13.44 |
| Dominican Republic | 23.1 | 34.2% | 37.3% | 39.2% | 41.1% | 2.00 | 6.21 |
| Ecuador | 25.0 | 33.6% | 35.9% | 36.8% | 39.9% | 2.03 | 6.38 |
| Egypt | 32.9 | 31.1% | 31.2% | 29.6% | 35.8% | 2.16 | 7.13 |
| El Salvador | 18.7 | 35.5% | 40.8% | 46.4% | 44.3% | 1.94 | 5.81 |
| Estonia | 25.4 | 33.4% | 35.6% | 36.3% | 39.7% | 2.04 | 6.42 |
| Ethiopia | 13.5 | 37.2% | 46.1% | 60.3% | 49.2% | 1.87 | 5.32 |
| Finland | 70.0 | 18.9% | 17.7% | 17.0% | 24.4% | 3.15 | 11.74 |
| France | 89.0 | 12.4% | 13.1% | 14.6% | 20.8% | 4.12 | 15.64 |
| Gabon | 25.8 | 33.3% | 35.4% | 35.9% | 39.5% | 2.04 | 6.46 |
| Georgia | 8.0 | 38.8% | 54.4% | 90.9% | 57.1% | 1.81 | 4.78 |
| Germany | 90.6 | 11.8% | 12.8% | 14.4% | 20.6% | 4.23 | 16.05 |
| Ghana | 29.2 | 32.3% | 33.3% | 32.5% | 37.6% | 2.10 | 6.77 |
| Greece | 49.1 | 25.9% | 24.1% | 21.9% | 29.8% | 2.50 | 8.84 |
| Grenada | 8.9 | 38.6% | 52.7% | 83.7% | 55.4% | 1.82 | 4.87 |
| Guatemala | 21.9 | 34.5% | 38.1% | 40.9% | 41.9% | 1.98 | 6.10 |
| Guinea | 13.8 | 37.1% | 45.7% | 59.2% | 48.9% | 1.87 | 5.35 |
| Haiti | 9.1 | 38.5% | 52.4% | 82.3% | 55.1% | 1.82 | 4.90 |
| Honduras | 15.5 | 36.5% | 43.9% | 53.9% | 47.1% | 1.89 | 5.51 |
| Hong Kong | 67.0 | 19.9% | 18.5% | 17.6% | 25.1% | 3.03 | 11.26 |
| Hungary | 46.4 | 26.7% | 25.2% | 22.8% | 30.6% | 2.44 | 8.54 |
| Iceland | 56.9 | 23.3% | 21.5% | 19.7% | 27.6% | 2.71 | 9.81 |
| India | 44.2 | 27.4% | 26.0% | 23.7% | 31.4% | 2.39 | 8.29 |
| Indonesia | 51.9 | 24.9% | 23.1% | 21.0% | 28.9% | 2.57 | 9.18 |
| Iran | 25.5 | 33.4% | 35.6% | 36.2% | 39.6% | 2.04 | 6.43 |
| Iraq | 7.9 | 38.9% | 54.5% | 91.8% | 57.2% | 1.81 | 4.77 |
| Ireland | 72.3 | 18.1% | 17.1% | 16.7% | 24.0% | 3.24 | 12.13 |
| Israel | 47.9 | 26.2% | 24.6% | 22.3% | 30.1% | 2.47 | 8.71 |
| Italy | 72.4 | 18.1% | 17.0% | 16.7% | 23.9% | 3.24 | 12.15 |
| Jamaica | 25.2 | 33.5% | 35.8% | 36.5% | 39.8% | 2.03 | 6.40 |
| Japan | 91.9 | 11.4% | 12.5% | 14.3% | 20.4% | 4.33 | 16.40 |
| Jordan | 26.3 | 33.2% | 35.1% | 35.3% | 39.2% | 2.05 | 6.50 |
| Kazakhstan | 18.7 | 35.5% | 40.8% | 46.4% | 44.3% | 1.94 | 5.81 |
| Kenya | 24.9 | 33.6% | 36.0% | 36.9% | 40.0% | 2.03 | 6.37 |
| Kuwait | 52.7 | 24.7% | 22.9% | 20.8% | 28.7% | 2.59 | 9.28 |
| Latvia | 22.6 | 34.3% | 37.6% | 39.9% | 41.4% | 1.99 | 6.16 |
| Lebanon | 24.9 | 33.6% | 36.0% | 36.9% | 40.0% | 2.03 | 6.37 |
| Liberia | 6.2 | 39.4% | 58.3% | 110.2% | 60.9% | 1.79 | 4.58 |
| Libya | 30.5 | 31.8% | 32.5% | 31.4% | 36.9% | 2.12 | 6.90 |
| Lithuania | 21.7 | 34.6% | 38.3% | 41.2% | 42.1% | 1.98 | 6.08 |
| Luxembourg | 85.4 | 13.6% | 13.9% | 14.9% | 21.5% | 3.90 | 14.76 |
| Malawi | 18.8 | 35.5% | 40.7% | 46.2% | 44.2% | 1.94 | 5.82 |
| Malaysia | 68.6 | 19.4% | 18.0% | 17.3% | 24.8% | 3.09 | 11.51 |
| Mali | 17.3 | 36.0% | 42.1% | 49.4% | 45.5% | 1.92 | 5.68 |
| Malta | 61.0 | 21.9% | 20.2% | 18.7% | 26.5% | 2.83 | 10.37 |
| Mauritius | 45.4 | 27.1% | 25.5% | 23.2% | 31.0% | 2.41 | 8.42 |
| Mexico | 46.9 | 26.6% | 25.0% | 22.6% | 30.5% | 2.45 | 8.59 |
| Morocco | 39.0 | 29.1% | 28.2% | 26.0% | 33.2% | 2.28 | 7.74 |
| Mozambique | 12.6 | 37.4% | 47.2% | 63.7% | 50.2% | 1.86 | 5.24 |
| Myanmar | 16.5 | 36.2% | 42.8% | 51.3% | 46.2% | 1.91 | 5.60 |
| Nepal | 24.4 | 33.8% | 36.3% | 37.5% | 40.3% | 2.02 | 6.33 |
| Netherlands | 89.0 | 12.4% | 13.1% | 14.6% | 20.8% | 4.12 | 15.64 |
| New Zealand | 68.2 | 19.5% | 18.1% | 17.3% | 24.8% | 3.08 | 11.45 |
| Nicaragua | 10.2 | 38.2% | 50.6% | 75.3% | 53.4% | 1.83 | 5.01 |
| Nigeria | 17.5 | 35.9% | 41.9% | 48.9% | 45.3% | 1.92 | 5.70 |
| North Korea | 7.0 | 39.2% | 56.4% | 100.6% | 59.1% | 1.80 | 4.67 |
| Norway | 80.3 | 15.4% | 15.1% | 15.6% | 22.4% | 3.61 | 13.65 |
| Oman | 52.0 | 24.9% | 23.1% | 21.0% | 28.9% | 2.57 | 9.19 |
| Pakistan | 30.1 | 32.0% | 32.7% | 31.8% | 37.1% | 2.11 | 6.86 |
| Panama | 25.7 | 33.4% | 35.4% | 36.0% | 39.5% | 2.04 | 6.45 |
| Papua New Guinea | 32.4 | 31.2% | 31.5% | 30.0% | 36.0% | 2.15 | 7.08 |
| Paraguay | 30.6 | 31.8% | 32.5% | 31.4% | 36.9% | 2.12 | 6.91 |
| Peru | 23.7 | 34.0% | 36.8% | 38.4% | 40.7% | 2.01 | 6.26 |
| Philippines | 35.4 | 30.3% | 29.9% | 28.0% | 34.7% | 2.21 | 7.37 |
| Poland | 35.7 | 30.2% | 29.8% | 27.8% | 34.6% | 2.21 | 7.40 |
| Portugal | 67.3 | 19.8% | 18.4% | 17.5% | 25.0% | 3.05 | 11.31 |
| Qatar | 53.9 | 24.3% | 22.5% | 20.5% | 28.4% | 2.62 | 9.43 |
| Romania | 28.1 | 32.6% | 33.9% | 33.5% | 38.2% | 2.08 | 6.67 |
| Russia | 19.5 | 35.3% | 40.1% | 44.9% | 43.7% | 1.95 | 5.88 |
| Saudi Arabia | 55.8 | 23.7% | 21.8% | 20.0% | 27.9% | 2.68 | 9.67 |
| Senegal | 21.6 | 34.6% | 38.4% | 41.3% | 42.1% | 1.98 | 6.07 |
| Seychelles | 23.7 | 34.0% | 36.8% | 38.4% | 40.7% | 2.01 | 6.26 |
| Sierra Leone | 8.1 | 38.8% | 54.2% | 90.0% | 56.9% | 1.81 | 4.79 |
| Singapore | 83.0 | 14.5% | 14.5% | 15.2% | 21.9% | 3.76 | 14.22 |
| Slovakia | 33.2 | 31.0% | 31.1% | 29.4% | 35.7% | 2.17 | 7.16 |
| Slovenia | 39.5 | 29.0% | 28.0% | 25.7% | 33.0% | 2.29 | 7.79 |
| South Africa | 42.5 | 28.0% | 26.7% | 24.4% | 31.9% | 2.35 | 8.11 |
| South Korea | 71.4 | 18.4% | 17.3% | 16.8% | 24.1% | 3.20 | 11.98 |
| Spain | 73.7 | 17.7% | 16.7% | 16.5% | 23.7% | 3.30 | 12.38 |
| Sri Lanka | 32.4 | 31.2% | 31.5% | 30.0% | 36.0% | 2.15 | 7.08 |
| Sudan | 6.1 | 39.4% | 58.5% | 111.5% | 61.1% | 1.79 | 4.57 |
| Swaziland | 28.5 | 32.5% | 33.7% | 33.2% | 38.0% | 2.09 | 6.71 |
| Sweden | 74.4 | 17.4% | 16.5% | 16.4% | 23.5% | 3.33 | 12.51 |
| Switzerland | 92.5 | 11.1% | 12.4% | 14.2% | 20.3% | 4.37 | 16.56 |
| Syria | 24.9 | 33.6% | 36.0% | 36.9% | 40.0% | 2.03 | 6.37 |
| Taiwan | 79.7 | 15.6% | 15.2% | 15.6% | 22.5% | 3.58 | 13.52 |
| Tanzania | 15.5 | 36.5% | 43.9% | 53.9% | 47.1% | 1.89 | 5.51 |
| Thailand | 63.5 | 21.1% | 19.5% | 18.2% | 25.9% | 2.91 | 10.73 |
| Togo | 17.2 | 36.0% | 42.2% | 49.6% | 45.5% | 1.92 | 5.67 |
| Trinidad & Tobago | 33.2 | 31.0% | 31.1% | 29.4% | 35.7% | 2.17 | 7.16 |
| Tunisia | 43.3 | 27.7% | 26.4% | 24.0% | 31.7% | 2.37 | 8.19 |
| Turkey | 40.7 | 28.6% | 27.5% | 25.2% | 32.6% | 2.31 | 7.92 |
| United Kingdom | 87.7 | 12.8% | 13.4% | 14.7% | 21.1% | 4.04 | 15.31 |
| United States | 90.4 | 11.9% | 12.9% | 14.4% | 20.6% | 4.22 | 16.00 |
| Uganda | 12.8 | 37.4% | 47.0% | 62.9% | 50.0% | 1.86 | 5.26 |
| Ukraine | 15.5 | 36.5% | 43.9% | 53.9% | 47.1% | 1.89 | 5.51 |
| United Arab Emirates | 60.5 | 22.1% | 20.3% | 18.8% | 26.6% | 2.81 | 10.30 |
| Uruguay | 38.5 | 29.3% | 28.5% | 26.3% | 33.4% | 2.27 | 7.69 |
| Uzbekistan | 14.4 | 36.9% | 45.1% | 57.2% | 48.2% | 1.88 | 5.41 |
| Venezuela | 33.1 | 31.0% | 31.1% | 29.5% | 35.7% | 2.16 | 7.15 |
| Vietnam | 27.6 | 32.8% | 34.2% | 34.0% | 38.4% | 2.07 | 6.62 |
| Yugoslavia | 7.3 | 39.1% | 55.8% | 97.5% | 58.4% | 1.80 | 4.71 |
| Zaire | 7.0 | 39.2% | 56.4% | 100.6% | 59.1% | 1.80 | 4.67 |
| Zambia | 14.6 | 36.8% | 44.8% | 56.6% | 48.0% | 1.88 | 5.43 |
| Zimbabwe | 30.7 | 31.8% | 32.4% | 31.3% | 36.8% | 2.12 | 6.92 |
Expected return and risk estimates are calculated from an unhedged US dollar perspective.