Global Financial Development Report
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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.
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Publication
Global Financial Development Report 2019/2020: Bank Regulation and Supervision a Decade after the Global Financial Crisis
(Washington, DC: World Bank, 2020)Over a decade has passed since the collapse of the U.S. investment bank Lehman Brothers marked the onset of the largest global economic crisis since the Great Depression. The crisis revealed major shortcomings in market discipline, regulation, and supervision, and reopened important policy debates on financial regulation. Since the onset of the crisis, emphasis has been placed on better regulation of banking systems and on enhancing the tools available to supervisory agencies to oversee banks and intervene speedily in case of distress. Drawing on 10 years of data and analysis, the Global Financial Development Report 2019/2020 uncovers new evidence on the regulatory remedies adopted to prevent future financial troubles, and particularly the impact of reforms on market discipline and bank capital. Countries should design and enforce regulations that are appropriate for the institutional environment, strength of market discipline, supervisory capacity, and business models of banks in a given country. Regulations also need to be compatible with incentives, but designing and enforcing such regulations are complex tasks, particularly where sophisticated markets do not exist and institutions are underdeveloped. Globalization and technological change are important trends that make it even more challenging to provide effective oversight of banks. The Global Financial Development Report 2019/2020 is the fifth in a World Bank series. The report also tracks financial systems in more than 200 economies before and during the global financial crisis on an accompanying website (http://www.worldbank.org/en/publication/gfdr) and provides information on how banking systems are regulated and supervised around the world (http://www.worldbank.org/en/research/brief/BRSS). -
Publication
Global Financial Development Report 2017/2018: Bankers without Borders
(Washington, DC, 2018)Successful international integration has underpinned most experiences of rapid growth, shared prosperity, and reduced poverty. Perhaps no sector of the economy better illustrates the potential benefits--but also the perils--of deeper integration than banking. International banking may contribute to faster growth in two important ways: first, by making available much needed capital, expertise, and new technologies; and second, by enabling risk-sharing and diversification. But international banking is not without risks. The global financial crisis vividly demonstrated how international banks can transmit shocks across the globe. The Global Financial Development Report 2017/2018 brings to bear new evidence on the debate on the benefits and costs of international banks, particularly for developing countries. It provides evidence-based policy guidance on a range of issues that developing countries face. Countries that are open to international banking can benefit from global flows of funds, knowledge, and opportunity, but the regulatory challenges are complex and, at times, daunting. Global Financial Development Report 2017/2018 is the fourth in a World Bank series. The report also tracks financial systems in more than 200 economies before and during the global financial crisis, included in the accompanying website (www.worldbank.org/financialdevelopment). The World Bank report Bankers without Borders is not associated with the Grameen Foundation’s Bankers without Borders program, which engages volunteer consultants to donate their expertise to serve social enterprises and nonprofits in poor countries. For more information, visit: https://www.bankerswithoutborders.com. -
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Global Financial Development Report 2015/2016: Long-Term Finance
(Washington, DC, 2015-09-14)Global Financial Development Report 2015/2016 is the third in a World Bank series. It provides a unique contribution to financial sector policy debates, building on novel data, surveys, research, and wide-ranging country experience, with emphasis on emerging markets and developing economies. The report’s findings and policy recommendations are 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. This year’s report focuses on long-term finance—equity or debt financing with maturity exceeding one year—and establishes its importance for economic development. Extending the maturity structure of finance is often considered to be at the core of sustainable financial development. It is needed for private sector construction of plants and investment in machinery and equipment, as well as financing infrastructure investments. Without long-term finance households cannot invest in housing or education, or benefit from higher long-term returns on their savings. Attempts at directly boosting the supply of long-term finance have not been free of controversy, and have sometimes led to substantial costs to taxpayers. The report emphasizes that governments and international bodies must focus on reforms that help overcome market failures and institutional and policy weaknesses. They must also improve risk and information sharing, and promote financial literacy and consumer protection. The report also tracks financial systems in more than 200 economies before and during the global financial crisis. -
Publication
Global Financial Development Report 2014 : Financial Inclusion
(Washington, DC, 2014)Financial inclusion has become a major subject of interest among policymakers, researchers, and other financial sector stakeholders. Many countries, for example, have recently adopted explicit financial inclusion strategies with targets for financial inclusion. The interest reflects an increased recognition that financial inclusion can be a driver of economic growth and poverty alleviation, and that many individuals and firms are excluded unnecessarily from even basic financial services. About half of the world’s adult population— more than 2.5 billion people—have no bank account is one powerful example. Barriers such as cost, travel distance, and amount of paperwork and requirements play an important role. Many of these barriers can be addressed by better policies. Despite the high interest, there are still important gaps in knowledge about financial inclusion, what drives it, and what policies affect it. And while recent years have seen some increases in financial inclusion, there is still much scope to reduce barriers to access. However, one of the challenges is that efforts to increase inclusion, if not implemented well, can backfire. Deeply ingrained social problems cannot be resolved purely with an infusion of debt. If not done properly, it can have the opposite effect, making poor borrowers increasingly dependent on debt, and even contributing to financial instability. Global Financial Development Report 2014: Financial Inclusion is a new report from the World Bank Group. It takes a step back and re-examines financial inclusion from the perspective of new global datasets and new evidence. It builds on a critical mass of new research and operational work produced by World Bank Group staff as well as outside researchers and contributors. The report, the second in this series, follows up on the inaugural issue, the Global Financial Development Report 2013: Rethinking the Role of the State in Finance (http://www.worldbank.org/financialdevelopment). Accompanying the Global Financial Development Report 2014 is a vast body of underlying research and data. Among other things, this includes an expanded and updated version of the Global Financial Development Database, a dataset of over 70 financial system characteristics for 203 economies from 1960 to 2011, which is presented in the report’s appendix.