Global Financial Development Report is a new World Bank series that provides a unique contribution to financial sector policy debates, building on novel data, surveys, research, and wide-ranging country experience, with emphasis on emerging market and developing economies. Each report provides in-depth analysis and policy recommendations on a specific and important aspect of financial development. It also tracks financial systems in more than 200 economies before and during the global financial crisis. An accompanying website (www.worldbank.org/financialdevelopment) contains extensive datasets, research papers, and other background materials, as well as interactive features. The report and website will be of interest to and relevant for policy makers; staff of central banks, ministries of finance, and financial regulation agencies; nongovernmental organizations and donors; academics and other researchers and analysts; and members of the finance and development community.