Ratio of "credit to private sector" to "public debt", useful metric to track at a cross country level?

thought process: Money is created through two means => credit to pvt entities ( households+corporates) and credit to govt

Credit to govt likely to be "less productive" money (?)

Credit to pvt entities is likely to correlate well to exports (corp) /investments ( corp/households)

Ran a cross country comparison across 85 countries. Some of the countries ranking highest in this ratio:
1. Chile (surprised!) 2. Denmark 3. Swiss 4. Thail 5. UAE 6. Korea 7. Norway 8. Russia 9. Sweden 10. Aus (surprise?) 11. China 12. Saudi 13. Vietnam 14. S. Africa 15. Turkey

Excluded some very small countries, but these are the top 15 among the bigger names

Surprises are Turkey, South Africa and to a lesser extent Australia and Chile ( which tops the list! - tbh, dont know much abt Chile)

Now some of the countries in the bottom : i.e where govt debt is much higher than credit to priavte sector.

List is topped by....... Pakistan......

Other countries 2. Egypt 3. Uganda 4. Nigeria 5. Greece 6. Rwanda 7. Hungary (surprised?!) 8. Italy 9. Ireland 10. Belarus 11. Mexico 12. belgium 13. romania 14. Brazil 15. Croatia 16. India 17. japan 18. Portugal 19. Singapore 20. Spain

I have taken a bit of liberal approach to exclude some small countries. In reality India ranks at about 25 out of these 85 if you include everybody

Now interesting composition about this list: It consists of
1. Basket cases e.g Pakistan
2. Countries in primitive state of development (?)
3. Typically Current account deficit countries
4. Countries which are in stagnation: Japan, PIIGS etc

The last part is interesting. These are countries in which private debt has gotten so large it is effectively getting socialized now ( over long periods of time 30 years for japan, 10 years for PIIGS)

There are also some countries like Brazil, Mexico which you suppose can be described as being in a middle income trap (?)

hungary, romania etc may be legacy of soviet bloc east europe ?