Introducing a New Broad-Based Index of Financial Development
Open accessAbstract
There is a vast body of literature estimating the impact of financial development on economic growth, inequality, and economic stability. A typical empirical study approximates financial development with either one of two measures of financial depth – the ratio of private credit to GDP or stock market capitalization to GDP. However, these indicators do not take into account the complex multidimensional nature of financial development. The contribution of this paper is to create nine indices that summarize how developed financial institutions and financial markets are in terms of their depth, access, and efficiency. These indices are then aggregated into an overall index of financial development. With the coverage of 183 countries on annual frequency between 1980 and 2013, the database should offer a useful analytical tool for researchers and policy makers.
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- Authors
- Svirydzenka, K.
- Affiliations
- International Monetary Fund (US)
- Corresponding author
- Svirydzenka, Katsiaryna
- Venue
- IMF Working Papers
- Publisher
- International Monetary Fund (IMF)
- Published
- 2016-01
- Volume
- 2016
- Issue
- 005
- Pages
- 1
- ISSN
- 1556-5068 (ISSN-L)
- 1018-5941
- OpenAlex
- W2312269098
- Cited by
- 499
- References
- 0
- Citations by year
- 2026: 2 · 2025: 40 · 2024: 96 · 2023: 112 · 2022: 91 · 2021: 56 · 2020: 46 · 2019: 22 · 2018: 16 · 2017: 8 · 2016: 5 · 2015: 2 · 2014: 3
- Type
- posted content
- Language
- en
- Open access
- green
- doi.org
- Locations
- SSRN Electronic Journal (publishedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
- Social Sciences › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
- Social Sciences › Economics, Econometrics and Finance › Finance › Global Financial Crisis and Policies
- Keywords
- financial development, composite index, financial depth, access to finance, financial efficiency, financial institutions, financial markets, credit to GDP, market capitalization, cross-national comparison
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