The Financial Development report 2012

The terms country and nation, as used in this Report, do not in all cases refer to a territorial entity that is a state as understood by international law and practice. The terms cover well-defined, geographically self-contained economic

areas that may not be states but for which statistical data are maintained on a separate and independent basis.

World Economic Forum USA Inc.

Copyright © 2012

by the World Economic Forum USA Inc.

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No paragraph of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, or otherwise without the prior permission of the World Economic Forum.

ISBN-10: 92-95044-39-8

ISBN-13: 978-92-95044-39-5

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EDITOR

Isabella Reuttner, Associate Director, World Economic Forum

PROJECT TEAM

Todd Glass, Project Associate, World Economic Forum USA

PROJECT ADVISORS

Margareta Drzeniek Hanouz, Director, Senior Economist,

World Economic Forum

Thierry Geiger, Associate Director, Economist,

World Economic Forum

Michael Koenitzer, Associate Director, Head of Project Management, World Economic Forum USA

CONTRIBUTORS

Darrell Duffie, Dean Witter Distinguished Professor of

Finance, Stanford Graduate School of Business

Neeltje van Horen, Senior Economist,

De Nederlandsche Bank

EXPERT COMMITTEE*

Giancarlo Bruno, Senior Director,

World Economic Forum USA

Chris Coles, Partner, Actis

Michael Drexler, Senior Director,

World Economic Forum USA

Patrice Etlin, Managing Partner, Advent International

Reto Kohler, Head of Strategy, Corporate and Investment Banking and Wealth Management, Barclays

Gerard Lyons, Chief Economist and Group Head of Global Research, Standard Chartered

Raghuram Rajan, Eric J. Gleacher Distinguished Service Professor of Finance, The University of Chicago Booth School of Business

Nouriel Roubini, Professor of Economics and International Business, Leonard N. Stern School of Business, New York University and Chairman, Roubini Global Economics

Kevin Steinberg, Chief Operating Officer, World Economic

Forum USA

Augusto de la Torre, Chief Economist for Latin America and the Caribbean, World Bank

Ksenia Yudaeva, Director of the Macroeconomic Research

Center, Sberbank

We thank Gilly Nadel for her superb editing work and Tim Bruce and Lowercase, Inc. for their excellent graphic

design and layout. We would also like to thank Chris Ryan, Boripat Louichareon, Martin Cihak, and Zbyszko Tabernacki for their assistance in assembling data for this Report.

We would like to thank Dealogic, the IHS World Industry Service team, and Thomson Reuters for their generous contribution of data for this Report.

FROM THE WORLD ECONOMIC FORUM

Kevin Steinberg, Chief Operating Officer, World Economic

Forum USA†

Giancarlo Bruno, Senior Director, Head of Financial

Services Industry†

Michael Drexler, Senior Director, Head of Investors

Industry†

Matthew Blake, Associate Director, Head of Banking

and Capital Markets†

Michael Koenitzer, Associate Director, Head of

Project Management†

Abel Lee, Associate Director, Head of Insurance and

Asset Management†

Maha Eltobgy, Associate Director, Head of

Private Investors†

Irwin Mendelssohn, Associate Director†

Abigail Noble, Associate Director†

Isabella Reuttner, Associate Director

Andre Belelieu, Senior Community Manager†

Lisa Donegan, Senior Community Manager†

Nadia Guillot, Senior Community Manager

Tik Keung, Project Manager†

Elisabeth Bremer, Senior Community Associate†

Amy Cassidy, Senior Team Coordinator†

Alexandra Hawes, Senior Team Coordinator†

Todd Glass, Project Associate†

Peter Gratzke, Project Associate†

Megan O’Neill, Team Coordinator†

Dena Stivella, Team Coordinator†

The Global Benchmarking Network

Jennifer Blanke, Senior Director, Lead Economist, Head of The Global Benchmarking Network

Margareta Drzeniek Hanouz, Director, Senior

Economist, Head of Competitiveness Research

Beñat Bilbao-Osorio, Associate Director, Senior Economist

Ciara Browne, Associate Director

Thierry Geiger, Associate Director, Economist

Roberto Crotti, Quantitative Economist

Tania Gutknecht, Community Manager

Caroline Ko, Junior Economist

Cecilia Serin, Team Coordinator