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Benchmarking financial development

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Author Info

  • Beck, Thorsten
  • Feyen, Erik
  • Ize, Alain
  • Moizeszowicz, Florencia

Abstract

Capitalizing on recent improvements in the availability of cross-country financial sector data, this paper proposes a standard methodology for benchmarking the policy component of financial development. Systematic controls are introduced to isolate main structural country characteristics and a principal components analysis is used to help identify a parsimonious set of ten"core"outcome indicators from a broader set of twenty seven potential indicators covering different dimensions of development in both financial institutions and financial markets. Such a broad-based approach helps reveal important determinants and regularities of the process of financial development. The paper also identifies some of the main data gaps that will need to be filled to allow further progress in financial benchmarking looking forward.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 4638.

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Date of creation: 01 Jun 2008
Date of revision:
Handle: RePEc:wbk:wbrwps:4638

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Related research

Keywords: Debt Markets; Emerging Markets; Economic Theory&Research; Access to Finance;

This paper has been announced in the following NEP Reports:

References

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  1. Beck, Thorsten & Demirguc-Kunt, Asli & Martinez Peria, Maria Soledad, 2007. "Reaching out: Access to and use of banking services across countries," Journal of Financial Economics, Elsevier, vol. 85(1), pages 234-266, July.
  2. Ross Levine & Sara Zervos, . "Stock markets, banks and economic growth ," CERF Discussion Paper Series 95-11, Economics and Finance Section, School of Social Sciences, Brunel University.
  3. Calderon, Cesar & Liu, Lin, 2003. "The direction of causality between financial development and economic growth," Journal of Development Economics, Elsevier, vol. 72(1), pages 321-334, October.
  4. Honohan, Patrick, 2006. "Household financial assets in the process of development," Policy Research Working Paper Series 3965, The World Bank.
  5. Beck, T.H.L., 2006. "Creating an efficient financial system: Challenges in a global economy," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3508413, Tilburg University.
  6. David Hauner & Shanaka J. Peiris, 2005. "Bank Efficiency and Competition in Low-Income Countries," IMF Working Papers 05/240, International Monetary Fund.
  7. Beck, T.H.L., 2007. "Efficiency in financial intermediation: Theory and empirical measurement," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3508392, Tilburg University.
  8. Beck, T.H.L. & Demirgüç-Kunt, A. & Levine, R., 2007. "Finance, inequality and the poor," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125426, Tilburg University.
  9. Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 1999. "A new database on financial development and structure," Policy Research Working Paper Series 2146, The World Bank.
  10. Beck, Thorsten & Levine, Ross & Loayza, Norman, 1999. "Finance and the sources of growth," Policy Research Working Paper Series 2057, The World Bank.
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Cited by:
  1. Franklin Allen & Elena Carletti & Robert Cull & Jun "QJ" Qian & Lemma Senbet & Patricio Valenzuela, 2014. "Resolving the African Financial Development Gap: Cross-Country Comparisons and a Within-Country Study of Kenya," NBER Chapters, in: African Successes: Modernization and Development National Bureau of Economic Research, Inc.

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