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Author/Editor:
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Katsiaryna Svirydzenka
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Publication Date:
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January 12, 2016
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Electronic Access:
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Free Full text
(PDF file size is 2,935KB).
Use the free
Adobe Acrobat Reader
to view this PDF file
Link to data for this title.
(ZIP file size is 670KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
There is a vast body of literature estimating the impact of financial development on economic
growth, inequality, and economic stability. A typical empirical study approximates financial
development with either one of two measures of financial depth – the ratio of private credit to
GDP or stock market capitalization to GDP. However, these indicators do not take into account
the complex multidimensional nature of financial development. The contribution of this paper is
to create nine indices that summarize how developed financial institutions and financial markets
are in terms of their depth, access, and efficiency. These indices are then aggregated into an
overall index of financial development. With the coverage of 183 countries on annual frequency
between 1980 and 2013, the database should offer a useful analytical tool for researchers and
policy makers.
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Order a print copy
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Series:
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Working Paper No. 16/5
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Subject(s):
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Financial institutions | Financial markets | Access to capital markets | Financial indicators | Financial systems
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Notes
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The file accompanying this working paper is an updated version of the Financial Development Index that came out with the earlier Staff Discussion Note 15/07, which can be found here.
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English
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Publication Date:
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January 12, 2016
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ISBN/ISSN:
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9781513583709/1018-5941
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Format:
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Paper
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Stock No:
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WPIEA2016005
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Pages:
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43
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Price:
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Please address any questions about this title to
publications@imf.org
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