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Benchmarking financial development

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

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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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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  1. 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.
  2. Beck, Thorsten & Levine, Ross & Loayza, Norman, 2000. "Finance and the sources of growth," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 261-300.
  3. 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.
  4. Honohan, Patrick, 2006. "Household Financial Assets in the Process of Development," Working Paper Series RP2006/91, World Institute for Development Economic Research (UNU-WIDER).
  5. David Hauner & Shanaka J. Peiris, 2005. "Bank Efficiency and Competition in Low-Income Countries: The Case of Uganda," IMF Working Papers 05/240, International Monetary Fund.
  6. 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.
  7. Thorsten Beck & Asli Demirgüç-Kunt & Ross Levine, 2007. "Finance, inequality and the poor," Journal of Economic Growth, Springer, vol. 12(1), pages 27-49, March.
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