Feyen, ErikBeck, ThorstenMoizeszowicz, FlorenciaIze, Alain2012-05-302012-05-302008-06https://hdl.handle.net/10986/6643Capitalizing 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.CC BY 3.0 IGOACCOUNTINGASSET-BACKED SECURITIESATMATMSBALANCE SHEETBANK BRANCHESBANK CREDITBANK DEPOSITSBANK SPREADSBANKING SERVICESBANKING SYSTEMBANKING SYSTEMSBENCHMARKINGBENCHMARKSBIDBONDBOND ISSUESBOND MARKETBOND MARKET CAPITALIZATIONBOND MARKET DEVELOPMENTBOND MARKETSBONDSBORROWERBRANCH NETWORKSBROKERBUSINESS CYCLECAPITAL ACCUMULATIONCAPITAL MARKETCAPITAL MARKETSCENTRAL BANKCOLLATERALCOLLECTIVE INVESTMENTCOMMERCIAL BANKCOMMERCIAL BANK ASSETSCONTRACTUAL SAVINGSCONTRACTUAL SAVINGS INSTITUTIONSCONTRIBUTIONSCORPORATE FINANCECORPORATE GOVERNANCECOUNTRY TO COUNTRYCREDITORCREDITOR RIGHTSCRITICAL MASSDATA AVAILABILITYDEBTORDEPOSITDEPOSIT ACCOUNTDEPOSIT ACCOUNTSDEPOSIT MONEY BANKSDEPOSIT RATEDEPOSIT TAKING INSTITUTIONSDEPOSITSDEPOSITS BANKDERIVATIVEDERIVATIVE MARKETSDOMESTIC BONDDOMESTIC BOND MARKETECONOMIC DEVELOPMENTECONOMIES OF SCALEEFFICIENT MARKETSENABLING ENVIRONMENTEQUITIESEQUITY MARKETEQUITY MARKET CAPITALIZATIONEQUITY MARKET DEVELOPMENTEQUITY MARKETSEQUITY PRICESEXPORTERSFAIR PRICEFINANCE COMPANIESFINANCIAL ACTIVITYFINANCIAL ASSETSFINANCIAL CONTRACTSFINANCIAL DEPTHFINANCIAL DEVELOPMENTFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL INTERMEDIARYFINANCIAL INTERMEDIATIONFINANCIAL MARKETFINANCIAL MARKET DEVELOPMENTFINANCIAL MARKETSFINANCIAL PERFORMANCEFINANCIAL POLICYFINANCIAL SECTORFINANCIAL SECTOR DEVELOPMENTFINANCIAL SECTOR INDICATORSFINANCIAL SECTOR POLICIESFINANCIAL SECTOR POLICYFINANCIAL SECTORSFINANCIAL SERVICESFINANCIAL SYSTEMFINANCIAL SYSTEMSFINANCIAL TRANSACTIONSFISCAL POLICYGDPGDP PER CAPITAGLOBAL ECONOMYGLOBALIZATIONGOVERNMENT BONDGOVERNMENT POLICIESHOLDINGSHOUSING FINANCEINCOME GROUPSINCOME LEVELINCOME LEVELSINFLATIONINFLATION TARGETINGINFORMATION ON PENSIONINFORMATION SHARINGINSTITUTIONAL INVESTORSINSTRUMENTINSURANCEINSURANCE COMPANIESINSURANCE PENSIONINSURANCE PRODUCTSINTEREST EXPENSEINTEREST INCOMEINTEREST RATEINTERNATIONAL BANKINTERNATIONAL SETTLEMENTSINTERNATIONAL TRADEINVESTMENT FUNDSINVESTMENT PROJECTSINVESTMENT VEHICLESLACK OF INFORMATIONLEGAL FRAMEWORKLENDERSLIQUIDITYLONG TERM SAVINGSLONG-TERM SAVINGSLOW INCOMELOWER INCOMEMACROECONOMIC CONDITIONSMACROECONOMIC MANAGEMENTMARKET CAPMARKET CONCENTRATIONMARKET DATAMARKET DEVELOPMENTMARKET EFFICIENCYMARKET INTERMEDIARIESMARKET LEVELMARKET LIQUIDITYMARKET PARTICIPANTSMARKET SIZEMARKET TURNOVERMARKET VALUEMATURITIESMICRO DATAMICROFINANCEMICROFINANCE INSTITUTIONSMIDDLE-INCOME COUNTRIESMONETARY POLICYMORAL HAZARDMUTUAL FUNDMUTUAL FUND ASSETSMUTUAL FUNDSOFFSHORE CENTEROFFSHORE CENTERSOFFSHORE FINANCIAL CENTEROFFSHORE FINANCIAL CENTERSOPERATIONAL EFFICIENCYOVERHEAD COSTSPARTICULAR COUNTRYPAYMENT SERVICESPENSIONPENSION COMPANIESPENSION FUNDPENSION FUND ASSETSPENSION FUNDSPENSIONSPER CAPITA INCOMEPOLITICAL RISKPOVERTY LEVELSPRIVATE BONDPRIVATE BONDSPRIVATE CREDITPRIVATE FINANCIAL INTERMEDIARIESPRIVATE PENSIONPRIVATE PENSION FUNDSPRIVATE SECTOR DEVELOPMENTPRODUCTIVITYPROFIT MARGINPROFIT MARGINSPUBLIC DEBTPUBLIC OFFERINGSPUBLIC PENSIONPUBLIC PENSION SCHEMEPUBLIC POLICYREGIONAL DUMMIESRESERVERESERVE BANKRESERVE REQUIREMENTSRETURNSRETURNS TO SCALESAFETY NETSALESECONDARY MARKETSECONDARY MARKET ACTIVITYSECONDARY MARKETSSHAREHOLDERSSIDE EFFECTSSTOCK MARKETSTOCK MARKET CAPITALIZATIONSTOCK MARKET TURNOVERSTOCK MARKETSSTOCK PRICESTOCK RETURNSUSTAINABLE DEVELOPMENTTECHNOLOGICAL CHANGESTRADINGTRANSACTIONTRANSITION COUNTRIESTURNOVER RATIOTURNOVER RATIOSYIELD CURVEWorld Bank10.1596/1813-9450-4638