The Financial Development report 2012
.pdf2: Country/Economy Profiles
Egypt
Financial Development Index in detail (continued) |
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ν Development Advantage |
ν Development Disadvantage |
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indicator |
rank/62 |
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value |
best Performer |
Value |
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5th pillar: Non-banking financial services (continued) |
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M&A activity |
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5.04 |
M&A market share ...................................................................... |
48 |
......ν |
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United States..................... |
34.4 |
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5.05 |
M&A transaction value to GDP..................................................... |
50. |
.....ν................... |
1.0 |
Hong Kong SAR................... |
9.9 |
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5.06 |
Share of total number of M&A deals............................................. |
46. |
.....ν................... |
0.1 |
United States..................... |
23.3 |
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Insurance |
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5.07 |
Life insurance penetration............................................................ |
50. |
.....ν................... |
0.3 |
Ireland................................ |
19.8 |
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5.08 |
Non-life insurance penetration...................................................... |
57. |
.....ν................... |
0.4 |
Netherlands.......................... |
9.5 |
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5.09 |
Real growth of direct insurance premiums.................................... |
49. |
.....ν................. |
-5.4 |
Argentina............................ |
21.9 |
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5.10 |
Life insurance density................................................................... |
38. |
.....ν................... |
0.2 |
India................................... |
43.5 |
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5.11 |
Non-life insurance density............................................................ |
35. |
.....ν................... |
0.3 |
China................................. |
16.1 |
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5.12 |
Relative value added of insurance to GDP.................................... |
17. |
.....ν................... |
1.7 |
Bahrain................................. |
6.0 |
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Securitization |
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5.13 |
Securitization to GDP ................................................................. |
49. |
.....ν................... |
0.2 |
United States....................... |
5.1 |
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5.14 |
Share of total number of securitization deals................................ |
43. |
.....ν................... |
0.1 |
United States..................... |
53.6 |
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6th pillar: Financial markets |
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Foreign exchange markets |
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6.01 |
Spot foreign exchange turnover ................................................. |
n/a. |
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n/a |
United Kingdom................. |
38.5 |
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6.02 |
Outright forward foreign exchange turnover ................................ |
n/a. |
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n/a |
United Kingdom................. |
41.3 |
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6.03 |
Foreign exchange swap turnover .............................................. |
n/a. |
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n/a |
United Kingdom................. |
33.3 |
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Derivatives markets |
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6.04 |
Interest rate derivatives turnover: Forward rate agreements......... |
n/a. |
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n/a |
United Kingdom................. |
48.4 |
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6.05 |
Interest rate derivatives turnover: Swaps .................................... |
n/a. |
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n/a |
United Kingdom................. |
45.3 |
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6.06 |
Interest rate derivatives turnover: Options ................................... |
n/a. |
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n/a |
United Kingdom................. |
50.4 |
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6.07 |
Foreign exchange derivatives turnover: Currency swaps............. |
n/a. |
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n/a |
United Kingdom................. |
32.1 |
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6.08 |
Foreign exchange derivatives turnover: Options.......................... |
n/a. |
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n/a |
United Kingdom................. |
55.3 |
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Equity market development |
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6.09 |
Stock market turnover ratio.......................................................... |
32. |
.....ν................. |
73.8 |
Turkey.............................. |
237.9 |
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6.10 |
Stock market capitalization to GDP.............................................. |
37. |
.....ν................. |
39.8 |
Hong Kong SAR............... |
440.2 |
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6.11 |
Stock market value traded to GDP............................................... |
34. |
.....ν................. |
20.9 |
Hong Kong SAR............... |
681.5 |
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6.12 |
Number of listed companies per 10,000 people........................... |
47. |
.....ν................... |
0.0 |
Hong Kong SAR................... |
2.0 |
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Bond market development |
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6.13 |
Private domestic bond market capitalization to GDP.................... |
42. |
.....ν................... |
0.0 |
Denmark.......................... |
177.2 |
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6.14 |
Public domestic bond market capitalization to GDP..................... |
22. |
.....ν................. |
34.0 |
Japan............................... |
208.5 |
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6.15 |
Private international bonds to GDP............................................... |
51. |
.....ν................... |
1.0 |
Ireland.............................. |
202.8 |
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6.16 |
Public international bonds to GDP................................................ |
40. |
.....ν................... |
1.8 |
Greece............................... |
70.8 |
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6.17 |
Local currency corporate bond issuance to GDP......................... |
28. |
.....ν................... |
0.5 |
Malaysia............................... |
4.9 |
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7th pillar: Financial access |
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Commercial access |
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7.01 |
Financial market sophistication..................................................... |
50. |
.....ν................... |
4.0 |
United Kingdom................... |
6.8 |
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7.02 |
Venture capital availability............................................................. |
28. |
.....ν................... |
3.0 |
Hong Kong SAR................... |
4.5 |
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7.03 |
Ease of access to credit .............................................................. |
37. |
.....ν................... |
3.6 |
Hong Kong SAR................... |
5.0 |
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7.04 |
Financing through local equity market.......................................... |
30. |
.....ν................... |
4.2 |
Hong Kong SAR................... |
5.7 |
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7.05 |
Ease of access to loans............................................................... |
44. |
.....ν................... |
2.6 |
Bahrain................................. |
4.8 |
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7.06 |
Foreign direct investment to GDP................................................. |
62. |
.....ν................. |
-0.2 |
Hong Kong SAR................. |
34.2 |
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Retail access |
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7.07 |
Market penetration of bank accounts........................................... |
60. |
.....ν................... |
9.7 |
Denmark............................ |
99.7 |
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7.08 |
Commercial bank branches ........................................................ |
n/a. |
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n/a |
Portugal............................. |
75.9 |
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7.09 |
Total number of ATMs................................................................. |
n/a. |
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n/a |
Korea, Rep....................... |
250.3 |
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7.10 |
Debit card penetration.................................................................. |
58. |
.....ν................... |
5.1 |
Netherlands........................ |
97.6 |
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7.11 |
Loan accounts at MFIs................................................................. |
19. |
.....ν................... |
2.5 |
Peru................................. |
121.2 |
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7.12 |
Loan from a financial institution.................................................... |
56. |
.....ν................... |
3.7 |
Finland............................... |
23.9 |
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The Financial Development Report 2012 | 115
2: Country/Economy Profiles
Finland
Key indicators
Population (millions), 2011..................................................................... |
5.4 |
GDP (US$ billions), 2011................................................................... |
266.6 |
GDP (current prices) per capita, 2011.......................................... |
49,349.5 |
GDP (PPP) as share (%) of world total, 2011....................................... |
0.25 |
Compound annual growth rate of real GDP (%), 2007—2011............ |
-0.39 |
Financial assets by major type, 2010
22.8% |
22.3% |
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29.5% |
25.4% |
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Total/GDP 217.5%
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US$ bn |
Public debt securities ........ |
115.5 |
Private debt securities ....... |
131.9 |
Banking deposits............... |
153.3 |
Equity securities ................ |
118.2 |
Total |
518.8 |
Financial Development Index 2012
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Rank (out of 62) |
Score (1—7 scale) |
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2012 Index |
17 |
4.2 |
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Factors, policies, and institutions |
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1st pillar: Institutional environment |
5 |
5.9 |
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Financial sector liberalization |
24 |
6.1 |
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Corporate governance |
1 |
5.8 |
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Legal and regulatory issues |
2 |
6.0 |
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Contract enforcement |
5 |
5.8 |
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2nd pillar: Business environment |
4 |
5.9 |
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Human capital |
1 |
5.8 |
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Taxes |
14 |
5.7 |
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Infrastructure |
11 |
5.9 |
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Cost of doing business |
7 |
6.2 |
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3rd pillar: Financial stability |
22 |
4.8 |
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Currency stability |
37 |
4.2 |
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Banking system stability |
30 |
4.3 |
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Risk of sovereign debt crisis |
8 |
6.1 |
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7 |
Financial intermediation
4th pillar: Banking financial services |
22 |
4.3 |
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Size index |
27 |
3.1 |
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Efficiency index |
2 |
6.8 |
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Financial information disclosure |
46 |
1.6 |
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5th pillar: Non-banking financial services |
49 |
1.6 |
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IPO Activity |
37 |
1.2 |
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M&A Activity |
42 |
1.6 |
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Insurance |
41 |
2.5 |
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Securitization |
52 |
1.1 |
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6th pillar: Financial markets |
31 |
2.4 |
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Foreign exchange markets |
22 |
1.4 |
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Derivatives markets |
29 |
1.5 |
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Equity market development |
26 |
2.9 |
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Bond market development |
19 |
3.2 |
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6 |
7 |
Financial access
7th pillar: Financial access. |
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4.8 |
Commercial access........................................................................ |
15 |
4.1 |
Retail access.................................................................................. |
10 |
5.5 |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
outputs |
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Note: For further details and explanation, please refer to “How Read the Country/Economy Profiles.”
116 | The Financial Development Report 2012
2: Country/Economy Profiles
Finland
Financial Development Index in detail |
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ν Development Advantage |
ν Development Disadvantage |
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indicator |
rank/62 |
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value |
best Performer |
Value |
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1st pillar: Institutional environment |
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Financial sector liberalization |
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1.01 |
Capital account liberalization.......................................................... |
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1 |
......ν |
...................7.0 |
Multiple (25).......................... |
7.0 |
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1.02 |
Commitments to WTO Agreement on Trade in Services............... |
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33. |
.....ν................... |
4.2 |
Multiple (17).......................... |
7.0 |
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1.03 |
Domestic financial sector liberalization............................................ |
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1. |
.....ν................... |
7.0 |
Multiple (24).......................... |
7.0 |
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Corporate governance |
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1.04 |
Extent of incentive-based compensation...................................... |
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11. |
.....ν................... |
4.9 |
United Kingdom................... |
5.3 |
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1.05 |
Efficacy of corporate boards........................................................... |
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8. |
.....ν................... |
5.4 |
South Africa......................... |
5.8 |
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1.06 |
Reliance on professional management........................................... |
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1. |
.....ν................... |
6.3 |
Finland................................. |
6.3 |
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1.07 |
Willingness to delegate .................................................................. |
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5. |
.....ν................... |
5.5 |
Denmark.............................. |
6.2 |
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1.08 |
Strength of auditing and reporting standards.................................. |
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2. |
.....ν................... |
6.3 |
South Africa......................... |
6.6 |
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1.09 |
Ethical behavior of firms................................................................. |
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1. |
.....ν................... |
6.5 |
Finland................................. |
6.5 |
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1.10 |
Protection of minority shareholders’ interests................................. |
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1. |
.....ν................... |
6.1 |
Finland................................. |
6.1 |
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Legal and regulatory issues |
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1.11 |
Burden of government regulation................................................... |
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4. |
.....ν................... |
4.8 |
Singapore............................. |
5.6 |
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1.12 |
Regulation of securities exchanges................................................ |
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2. |
.....ν................... |
6.1 |
South Africa......................... |
6.5 |
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1.13 |
Property rights .............................................................................. |
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1. |
.....ν................... |
6.5 |
Finland................................. |
6.5 |
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1.14 |
Intellectual property protection....................................................... |
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1. |
.....ν................... |
6.3 |
Finland................................. |
6.3 |
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1.15 |
Diversion of public funds................................................................ |
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2. |
.....ν................... |
6.2 |
Denmark.............................. |
6.3 |
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1.16 |
Public trust in politicians ................................................................ |
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8. |
.....ν................... |
5.1 |
Singapore............................. |
6.3 |
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1.17 |
Corruption perceptions index......................................................... |
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1. |
.....ν................... |
9.4 |
Finland................................. |
9.4 |
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1.18 |
Strength of legal rights index........................................................ |
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17. |
.....ν................... |
8.0 |
Multiple (6).......................... |
10.0 |
|
1.19 |
Central bank transparency............................................................. |
|
5. |
.....ν................. |
11.0 |
Sweden.............................. |
15.0 |
|
|
Contract enforcement |
|
|
|
|
|
|
|
1.20 |
Effectiveness of law-making bodies................................................ |
|
2. |
.....ν................... |
5.6 |
Singapore............................. |
6.4 |
|
1.21 |
Judicial independence.................................................................... |
|
1. |
.....ν................... |
6.5 |
Finland................................. |
6.5 |
|
1.22 |
Irregular payments in judicial decisions........................................... |
|
2. |
.....ν................... |
6.7 |
Denmark.............................. |
6.8 |
|
1.23 |
Time to enforce a contract........................................................... |
|
11. |
.....ν............... |
375.0 |
Singapore......................... |
150.0 |
|
1.24 |
Number of procedures to enforce a contract................................ |
|
24. |
.....ν................. |
33.0 |
Multiple (2).......................... |
21.0 |
|
1.25 |
Strength of investor protection index............................................ |
|
31. |
.....ν................... |
5.7 |
Singapore............................. |
9.3 |
|
1.26 |
Cost of enforcing contracts ........................................................... |
|
7. |
.....ν................. |
13.3 |
Norway................................ |
9.9 |
|
|
|
|
|
|
|
|
|
|
|
2nd pillar: Business environment |
|
|
|
|
|
|
|
|
Human capital |
|
|
|
|
|
|
|
2.01 |
Quality of management schools..................................................... |
|
9. |
.....ν................... |
5.6 |
United Kingdom................... |
6.1 |
|
2.02 |
Quality of math and science education........................................... |
|
2. |
.....ν................... |
6.2 |
Singapore............................. |
6.3 |
|
2.03 |
Extent of staff training..................................................................... |
|
2. |
.....ν................... |
5.4 |
Switzerland.......................... |
5.6 |
|
2.04 |
Local availability of specialized research and training services |
......... 8. |
.....ν................... |
5.7 |
Switzerland.......................... |
6.4 |
|
|
2.05 |
Brain drain................................................................................... |
|
11. |
.....ν................... |
5.1 |
Switzerland.......................... |
6.3 |
|
2.06 |
Tertiary enrollment ........................................................................ |
|
3. |
.....ν................. |
93.7 |
Korea, Rep....................... |
103.1 |
|
|
Taxes |
|
|
|
|
|
|
|
2.07 |
Irregular payments in tax collection................................................. |
|
1. |
.....ν................... |
6.9 |
Finland................................. |
6.9 |
|
2.08 |
Distortive effect of taxes and subsidies on competition................... |
|
8. |
.....ν................... |
4.9 |
United Arab Emirates........... |
5.9 |
|
2.09 |
Marginal tax variation................................................................... |
|
52. |
.....ν................. |
12.3 |
Kuwait................................ |
-4.8 |
|
2.10 |
Time to pay taxes........................................................................... |
|
9. |
.....ν................. |
93.0 |
United Arab Emirates......... |
12.0 |
|
|
Infrastructure |
|
|
|
|
|
|
|
2.11 |
Quality of overall infrastructure ....................................................... |
|
3. |
.....ν................... |
6.5 |
Switzerland.......................... |
6.6 |
|
2.12 |
Quality of electricity supply............................................................. |
|
9. |
.....ν................... |
6.6 |
Netherlands.......................... |
6.8 |
|
2.13 |
Internet users ................................................................................ |
|
5. |
.....ν................. |
89.4 |
Norway.............................. |
94.0 |
|
2.14 |
Broadband Internet subscriptions................................................ |
|
13. |
.....ν................. |
29.5 |
Switzerland........................ |
39.2 |
|
2.15 |
Telephone subscriptions............................................................... |
|
38. |
.....ν................. |
20.1 |
Germany............................ |
63.1 |
|
2.16 |
Mobile telephone subscriptions ..................................................... |
|
5. |
.....ν............... |
166.0 |
Hong Kong SAR............... |
209.6 |
|
(continued)
The Financial Development Report 2012 | 117
2: Country/Economy Profiles
Finland
Financial Development Index in detail (continued) |
|
ν Development Advantage |
ν Development Disadvantage |
||||
|
|
|
|
|
|
|
|
|
indicator |
rank/62 |
|
value |
best Performer |
Value |
|
|
2nd pillar: Business environment (continued) |
|
|
|
|
|
|
|
Cost of doing business |
|
|
|
|
|
|
2.17 |
Cost of starting a business........................................................... |
12 |
......ν |
...................1.0 |
Denmark.............................. |
0.0 |
|
2.18 |
Cost of registering property.......................................................... |
29. |
.....ν................... |
4.0 |
Multiple (2)............................ |
0.0 |
|
2.19 |
Cost of closing a business............................................................. |
5. |
.....ν................... |
4.0 |
Multiple (4)............................ |
1.0 |
|
2.20 |
Time to start a business............................................................... |
30. |
.....ν................. |
14.0 |
Australia............................... |
2.0 |
|
2.21 |
Time to register property.............................................................. |
15. |
.....ν................. |
14.0 |
Portugal............................... |
1.0 |
|
2.22 |
Time to close a business................................................................ |
5. |
.....ν................... |
0.9 |
Ireland.................................. |
0.4 |
|
|
|
|
|
|
|
|
|
|
3rd pillar: Financial stability |
|
|
|
|
|
|
|
Currency stability |
|
|
|
|
|
|
3.01 |
Change in real effective exchange rate (REER)............................. |
36. |
.....ν................. |
-0.1 |
Brazil.................................... |
8.3 |
|
3.02 |
External vulnerability indicator...................................................... |
n/a. |
........................... |
n/a |
Saudi Arabia......................... |
9.3 |
|
3.03 |
Current account balance to GDP................................................. |
27. |
.....ν................... |
0.8 |
Kuwait................................ |
32.0 |
|
3.04 |
Dollarization vulnerability indicator.................................................. |
1. |
.....ν................... |
0.0 |
Multiple (25).......................... |
0.0 |
|
3.05 |
External debt to GDP (developing economies)............................. |
n/a. |
........................... |
n/a |
China................................... |
9.6 |
|
3.06Net international investment position to GDP
|
(advanced economies)................................................................. |
10...... |
ν................. |
14.1 |
Hong Kong SAR............... |
287.7 |
|
Banking system stability |
|
|
|
|
|
3.07 |
Frequency of banking crises......................................................... |
16...... |
ν................... |
1.0 |
Multiple (9)............................ |
0.0 |
3.08 |
Financial strengths indicator........................................................... |
9...... |
ν................... |
6.0 |
Multiple (3)............................ |
9.0 |
3.09 |
Aggregate measure of real estate bubbles.................................... |
30...... |
ν................... |
5.0 |
Ireland.................................. |
6.9 |
3.10 |
Tier 1 capital ratio......................................................................... |
25...... |
ν................. |
13.1 |
Ghana................................ |
22.7 |
3.11 |
Output loss during banking crises................................................ |
45...... |
ν................. |
69.6 |
Multiple (20).......................... |
0.0 |
|
Risk of sovereign debt crisis |
|
|
|
|
|
3.12 |
Local currency sovereign rating.................................................... |
11...... |
ν................. |
19.7 |
Multiple (10)........................ |
20.0 |
3.13 |
Foreign currency sovereign rating................................................. |
11...... |
ν................. |
19.7 |
Multiple (10)........................ |
20.0 |
3.14 |
Aggregate macroeconomic indicator............................................ |
18...... |
ν................... |
5.5 |
Peru..................................... |
6.4 |
3.15 |
Manageability of public debt ........................................................ |
33...... |
ν................. |
48.6 |
Kuwait.................................. |
6.2 |
3.16 |
Credit default swap spreads........................................................... |
6...... |
ν................. |
70.8 |
Norway.............................. |
36.2 |
|
|
|
|
|
|
|
|
4th pillar: Banking financial services |
|
|
|
|
|
|
Size index |
|
|
|
|
|
4.01 |
Deposit money bank assets to GDP............................................. |
26...... |
ν................. |
97.4 |
Ireland.............................. |
245.1 |
4.02 |
Central bank assets to GDP......................................................... |
46...... |
ν................... |
0.2 |
Brazil.................................. |
18.3 |
4.03 |
Financial system deposits to GDP................................................ |
32...... |
ν................. |
63.2 |
Hong Kong SAR............... |
305.8 |
4.04 |
M2 to GDP................................................................................... |
30...... |
ν................. |
69.6 |
Hong Kong SAR............... |
320.5 |
4.05 |
Private credit to GDP.................................................................... |
28...... |
ν................. |
92.0 |
Denmark.......................... |
229.8 |
4.06 |
Bank deposits to GDP................................................................. |
33...... |
ν................. |
63.2 |
Hong Kong SAR............... |
305.8 |
4.07 |
Money market instruments to GDP................................................ |
6...... |
ν................... |
5.0 |
Ireland................................ |
18.6 |
|
Efficiency index |
|
|
|
|
|
4.08 |
Aggregate profitability indicator.................................................... |
21...... |
ν................... |
5.1 |
Czech Republic.................... |
6.0 |
4.09 |
Bank overhead costs..................................................................... |
1...... |
ν................... |
0.6 |
Finland................................. |
0.6 |
4.10 |
Public ownership of banks............................................................. |
1...... |
ν................... |
0.0 |
Multiple (22).......................... |
0.0 |
4.11 |
Bank operating costs to assets...................................................... |
2...... |
ν................... |
0.9 |
Sweden................................ |
0.8 |
4.12 |
Non-performing bank loans to total loans....................................... |
1...... |
ν................... |
0.5 |
Finland................................. |
0.5 |
|
Financial information disclosure |
|
|
|
|
|
4.13 |
Private credit bureau coverage .................................................... |
40...... |
ν................. |
20.5 |
Multiple (12)...................... |
100.0 |
4.14 |
Public credit registry coverage ..................................................... |
26...... |
ν................... |
0.0 |
Portugal............................. |
86.2 |
|
|
|
|
|
|
|
|
5th pillar: Non-banking financial services |
|
|
|
|
|
|
IPO activity |
|
|
|
|
|
5.01 |
IPO market share ........................................................................ |
34...... |
ν................... |
0.2 |
China................................. |
37.8 |
5.02 |
IPO proceeds amount ................................................................. |
33...... |
ν................... |
0.1 |
Hong Kong SAR................... |
5.1 |
5.03 |
Share of world IPOs..................................................................... |
34...... |
ν................... |
0.1 |
China................................. |
30.2 |
(continued)
118 | The Financial Development Report 2012
2: Country/Economy Profiles
Finland
Financial Development Index in detail (continued) |
|
ν Development Advantage |
ν Development Disadvantage |
||||
|
|
|
|
|
|
|
|
|
indicator |
rank/62 |
|
value |
best Performer |
Value |
|
|
5th pillar: Non-banking financial services (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M&A activity |
|
|
|
|
|
|
5.04 |
M&A market share ...................................................................... |
41 |
......ν |
...................0.2 |
United States..................... |
34.4 |
|
5.05 |
M&A transaction value to GDP..................................................... |
43. |
.....ν................... |
1.8 |
Hong Kong SAR................... |
9.9 |
|
5.06 |
Share of total number of M&A deals............................................. |
29. |
.....ν................... |
0.5 |
United States..................... |
23.3 |
|
|
Insurance |
|
|
|
|
|
|
5.07 |
Life insurance penetration.............................................................. |
6. |
.....ν................... |
7.7 |
Ireland................................ |
19.8 |
|
5.08 |
Non-life insurance penetration...................................................... |
32. |
.....ν................... |
1.9 |
Netherlands.......................... |
9.5 |
|
5.09 |
Real growth of direct insurance premiums.................................... |
52. |
.....ν................. |
-6.5 |
Argentina............................ |
21.9 |
|
5.10 |
Life insurance density................................................................... |
31. |
.....ν................... |
0.4 |
India................................... |
43.5 |
|
5.11 |
Non-life insurance density............................................................ |
52. |
.....ν................... |
0.1 |
China................................. |
16.1 |
|
5.12 |
Relative value added of insurance to GDP ................................... |
42. |
.....ν................... |
0.7 |
Bahrain................................. |
6.0 |
|
|
Securitization |
|
|
|
|
|
|
5.13 |
Securitization to GDP .................................................................. |
52. |
.....ν................... |
0.1 |
United States....................... |
5.1 |
|
5.14 |
Share of total number of securitization deals................................ |
39. |
.....ν................... |
0.1 |
United States..................... |
53.6 |
|
|
|
|
|
|
|
|
|
|
6th pillar: Financial markets |
|
|
|
|
|
|
|
Foreign exchange markets |
|
|
|
|
|
|
6.01 |
Spot foreign exchange turnover .................................................. |
43. |
.....ν................... |
0.0 |
United Kingdom................. |
38.5 |
|
6.02 |
Outright forward foreign exchange turnover ................................. |
35. |
.....ν................... |
0.1 |
United Kingdom................. |
41.3 |
|
6.03 |
Foreign exchange swap turnover ............................................... |
12. |
.....ν................... |
1.3 |
United Kingdom................. |
33.3 |
|
|
Derivatives markets |
|
|
|
|
|
|
6.04 |
Interest rate derivatives turnover: Forward rate agreements.......... |
26. |
.....ν................... |
0.0 |
United Kingdom................. |
48.4 |
|
6.05 |
Interest rate derivatives turnover: Swaps ..................................... |
27. |
.....ν................... |
0.1 |
United Kingdom................. |
45.3 |
|
6.06 |
Interest rate derivatives turnover: Options .................................... |
22. |
.....ν................... |
0.1 |
United Kingdom................. |
50.4 |
|
6.07 |
Foreign exchange derivatives turnover: Currency swaps.............. |
29. |
.....ν................... |
0.1 |
United Kingdom................. |
32.1 |
|
6.08 |
Foreign exchange derivatives turnover: Options........................... |
36. |
.....ν................... |
0.0 |
United Kingdom................. |
55.3 |
|
|
Equity market development |
|
|
|
|
|
|
6.09 |
Stock market turnover ratio.......................................................... |
17. |
.....ν............... |
109.6 |
Turkey.............................. |
237.9 |
|
6.10 |
Stock market capitalization to GDP.............................................. |
34. |
.....ν................. |
43.1 |
Hong Kong SAR............... |
440.2 |
|
6.11 |
Stock market value traded to GDP............................................... |
27. |
.....ν................. |
39.7 |
Hong Kong SAR............... |
681.5 |
|
6.12 |
Number of listed companies per 10,000 people........................... |
20. |
.....ν................... |
0.2 |
Hong Kong SAR................... |
2.0 |
|
|
Bond market development |
|
|
|
|
|
|
6.13 |
Private domestic bond market capitalization to GDP.................... |
23. |
.....ν................. |
20.8 |
Denmark.......................... |
177.2 |
|
6.14 |
Public domestic bond market capitalization to GDP..................... |
42. |
.....ν................. |
11.9 |
Japan............................... |
208.5 |
|
6.15 |
Private international bonds to GDP............................................... |
20. |
.....ν................. |
29.6 |
Ireland.............................. |
202.8 |
|
6.16 |
Public international bonds to GDP.................................................. |
5. |
.....ν................. |
26.7 |
Greece............................... |
70.8 |
|
6.17 |
Local currency corporate bond issuance to GDP......................... |
29. |
.....ν................... |
0.4 |
Malaysia............................... |
4.9 |
|
|
|
|
|
|
|
|
|
|
7th pillar: Financial access |
|
|
|
|
|
|
|
Commercial access |
|
|
|
|
|
|
7.01 |
Financial market sophistication..................................................... |
12. |
.....ν................... |
6.0 |
United Kingdom................... |
6.8 |
|
7.02 |
Venture capital availability............................................................. |
10. |
.....ν................... |
3.9 |
Hong Kong SAR................... |
4.5 |
|
7.03 |
Ease of access to credit ................................................................ |
4. |
.....ν................... |
4.8 |
Hong Kong SAR................... |
5.0 |
|
7.04 |
Financing through local equity market.......................................... |
17. |
.....ν................... |
4.5 |
Hong Kong SAR................... |
5.7 |
|
7.05 |
Ease of access to loans................................................................. |
8. |
.....ν................... |
4.4 |
Bahrain................................. |
4.8 |
|
7.06 |
Foreign direct investment to GDP................................................. |
59. |
.....ν................... |
0.0 |
Hong Kong SAR................. |
34.2 |
|
|
Retail access |
|
|
|
|
|
|
7.07 |
Market penetration of bank accounts............................................. |
2. |
.....ν................. |
99.7 |
Denmark............................ |
99.7 |
|
7.08 |
Commercial bank branches ......................................................... |
30. |
.....ν................. |
15.6 |
Portugal............................. |
75.9 |
|
7.09 |
Total number of ATMs.................................................................. |
17. |
.....ν................. |
91.7 |
Korea, Rep....................... |
250.3 |
|
7.10 |
Debit card penetration.................................................................... |
4. |
.....ν................. |
89.3 |
Netherlands........................ |
97.6 |
|
7.11 |
Loan accounts at MFIs................................................................ |
n/a. |
........................... |
n/a |
Peru................................. |
121.2 |
|
7.12 |
Loan from a financial institution...................................................... |
1. |
.....ν................. |
23.9 |
Finland............................... |
23.9 |
|
|
|
|
|
|
|
|
|
The Financial Development Report 2012 | 119
2: Country/Economy Profiles
France
Key indicators
Population (millions), 2011................................................................... |
63.1 |
GDP (US$ billions), 2011................................................................ |
2,776.3 |
GDP (current prices) per capita, 2011.......................................... |
44,008.2 |
GDP (PPP) as share (%) of world total, 2011....................................... |
2.81 |
Compound annual growth rate of real GDP (%), 2007—2011............. |
0.04 |
Financial assets by major type, 2010
20.2% |
22.1% |
|
|
US$ bn |
|
|
|
||
|
|
|
||
|
|
|
|
|
|
|
|
Public debt securities |
2,111.6 |
|
|
|
||
|
|
|
Private debt securities |
3,406.1 |
|
|
|
||
|
|
|
Banking deposits |
2,115.9 |
|
|
|
||
22.1% |
|
|
Equity securities |
1,926.5 |
|
|
|||
|
|
|
|
35.6% |
Total |
9,560.1 |
|
|
|
Total/GDP 373.0% |
|
|
Financial Development Index 2012
|
Rank (out of 62) |
Score (1—7 scale) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Index |
14 |
4.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|||
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|||
|
|
1 |
2 |
3 |
|
4 |
|
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|
5 |
|
|
|
6 |
7 |
|||||
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|
inputs |
|
Factors, policies, and institutions |
|
|
|
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|
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|
|
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|
|||||
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|
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|
|
|
|
|
|||||
1st pillar: Institutional environment |
17 |
5.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|||
Financial sector liberalization |
1 |
7.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|||
Corporate governance |
24 |
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Legal and regulatory issues |
17 |
4.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|||
Contract enforcement |
17 |
5.3 |
|
|
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2nd pillar: Business environment |
22 |
5.1 |
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Human capital |
20 |
4.7 |
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Taxes |
45 |
4.4 |
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Infrastructure |
6 |
6.0 |
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Cost of doing business |
25 |
5.4 |
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3rd pillar: Financial stability |
42 |
4.2 |
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Currency stability |
40 |
3.9 |
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Banking system stability |
49 |
3.4 |
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Risk of sovereign debt crisis |
18 |
5.5 |
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6 |
7 |
Financial intermediation
4th pillar: Banking financial services |
19 |
4.4 |
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Size index |
17 |
3.7 |
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Efficiency index |
14 |
6.1 |
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Financial information disclosure |
36 |
2.5 |
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5th pillar: Non-banking financial services |
17 |
2.9 |
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IPO Activity |
24 |
1.6 |
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M&A Activity |
10 |
4.3 |
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Insurance |
14 |
3.7 |
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Securitization |
29 |
1.8 |
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6th pillar: Financial markets |
11 |
4.3 |
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Foreign exchange markets |
8 |
3.3 |
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Derivatives markets |
1 |
7.0 |
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Equity market development |
25 |
3.0 |
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Bond market development |
7 |
4.4 |
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1 |
2 |
3 |
4 |
5 |
6 |
7 |
Financial access
7th pillar: Financial access.................................................................. |
11 |
4.7 |
Commercial access........................................................................ |
35 |
3.6 |
Retail access.................................................................................... |
6 |
5.8 |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
outputs |
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Note: For further details and explanation, please refer to “How Read the Country/Economy Profiles.”
120 | The Financial Development Report 2012
2: Country/Economy Profiles
France
Financial Development Index in detail |
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ν Development Advantage |
ν Development Disadvantage |
||||
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indicator |
rank/62 |
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value |
best Performer |
Value |
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1st pillar: Institutional environment |
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Financial sector liberalization |
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1.01 |
Capital account liberalization.......................................................... |
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1 |
......ν |
...................7.0 |
Multiple (25).......................... |
7.0 |
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1.02 |
Commitments to WTO Agreement on Trade in Services................. |
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1. |
.....ν................... |
7.0 |
Multiple (17).......................... |
7.0 |
|
1.03 |
Domestic financial sector liberalization............................................ |
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1. |
.....ν................... |
7.0 |
Multiple (24).......................... |
7.0 |
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Corporate governance |
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1.04 |
Extent of incentive-based compensation...................................... |
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23. |
.....ν................... |
4.4 |
United Kingdom................... |
5.3 |
|
1.05 |
Efficacy of corporate boards......................................................... |
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17. |
.....ν................... |
5.2 |
South Africa......................... |
5.8 |
|
1.06 |
Reliance on professional management......................................... |
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23. |
.....ν................... |
5.0 |
Finland................................. |
6.3 |
|
1.07 |
Willingness to delegate ................................................................ |
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48. |
.....ν................... |
3.5 |
Denmark.............................. |
6.2 |
|
1.08 |
Strength of auditing and reporting standards................................ |
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21. |
.....ν................... |
5.3 |
South Africa......................... |
6.6 |
|
1.09 |
Ethical behavior of firms............................................................... |
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18. |
.....ν................... |
5.4 |
Finland................................. |
6.5 |
|
1.10 |
Protection of minority shareholders’ interests............................... |
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27. |
.....ν................... |
4.6 |
Finland................................. |
6.1 |
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Legal and regulatory issues |
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1.11 |
Burden of government regulation................................................. |
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48. |
.....ν................... |
2.7 |
Singapore............................. |
5.6 |
|
1.12 |
Regulation of securities exchanges.............................................. |
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20. |
.....ν................... |
5.1 |
South Africa......................... |
6.5 |
|
1.13 |
Property rights ............................................................................ |
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14. |
.....ν................... |
5.7 |
Finland................................. |
6.5 |
|
1.14 |
Intellectual property protection....................................................... |
|
6. |
.....ν................... |
5.6 |
Finland................................. |
6.3 |
|
1.15 |
Diversion of public funds.............................................................. |
|
21. |
.....ν................... |
4.8 |
Denmark.............................. |
6.3 |
|
1.16 |
Public trust in politicians .............................................................. |
|
23. |
.....ν................... |
3.4 |
Singapore............................. |
6.3 |
|
1.17 |
Corruption perceptions index....................................................... |
|
19. |
.....ν................... |
7.0 |
Finland................................. |
9.4 |
|
1.18 |
Strength of legal rights index........................................................ |
|
24. |
.....ν................... |
7.0 |
Multiple (6).......................... |
10.0 |
|
1.19 |
Central bank transparency............................................................. |
|
5. |
.....ν................. |
11.0 |
Sweden.............................. |
15.0 |
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Contract enforcement |
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1.20 |
Effectiveness of law-making bodies.............................................. |
|
16. |
.....ν................... |
4.5 |
Singapore............................. |
6.4 |
|
1.21 |
Judicial independence.................................................................. |
|
24. |
.....ν................... |
4.9 |
Finland................................. |
6.5 |
|
1.22 |
Irregular payments in judicial decisions......................................... |
|
20. |
.....ν................... |
5.7 |
Denmark.............................. |
6.8 |
|
1.23 |
Time to enforce a contract............................................................. |
|
8. |
.....ν............... |
331.0 |
Singapore......................... |
150.0 |
|
1.24 |
Number of procedures to enforce a contract................................ |
|
10. |
.....ν................. |
29.0 |
Multiple (2).......................... |
21.0 |
|
1.25 |
Strength of investor protection index............................................ |
|
36. |
.....ν................... |
5.3 |
Singapore............................. |
9.3 |
|
1.26 |
Cost of enforcing contracts ......................................................... |
|
18. |
.....ν................. |
17.4 |
Norway................................ |
9.9 |
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2nd pillar: Business environment |
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Human capital |
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2.01 |
Quality of management schools..................................................... |
|
7. |
.....ν................... |
5.6 |
United Kingdom................... |
6.1 |
|
2.02 |
Quality of math and science education......................................... |
|
12. |
.....ν................... |
4.9 |
Singapore............................. |
6.3 |
|
2.03 |
Extent of staff training................................................................... |
|
28. |
.....ν................... |
4.3 |
Switzerland.......................... |
5.6 |
|
2.04 |
Local availability of specialized research and training services....... |
14. |
.....ν................... |
5.4 |
Switzerland.......................... |
6.4 |
|
|
2.05 |
Brain drain................................................................................... |
|
35. |
.....ν................... |
3.7 |
Switzerland.......................... |
6.3 |
|
2.06 |
Tertiary enrollment ...................................................................... |
|
33. |
.....ν................. |
54.5 |
Korea, Rep....................... |
103.1 |
|
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Taxes |
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|
2.07 |
Irregular payments in tax collection............................................... |
|
18. |
.....ν................... |
5.9 |
Finland................................. |
6.9 |
|
2.08 |
Distortive effect of taxes and subsidies on competition................. |
|
32. |
.....ν................... |
4.0 |
United Arab Emirates........... |
5.9 |
|
2.09 |
Marginal tax variation................................................................... |
|
58. |
.....ν................. |
26.2 |
Kuwait................................ |
-4.8 |
|
2.10 |
Time to pay taxes......................................................................... |
|
17. |
.....ν............... |
132.0 |
United Arab Emirates......... |
12.0 |
|
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Infrastructure |
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|
2.11 |
Quality of overall infrastructure ....................................................... |
|
5. |
.....ν................... |
6.4 |
Switzerland.......................... |
6.6 |
|
2.12 |
Quality of electricity supply............................................................. |
|
8. |
.....ν................... |
6.7 |
Netherlands.......................... |
6.8 |
|
2.13 |
Internet users .............................................................................. |
|
12. |
.....ν................. |
79.6 |
Norway.............................. |
94.0 |
|
2.14 |
Broadband Internet subscriptions.................................................. |
|
6. |
.....ν................. |
36.1 |
Switzerland........................ |
39.2 |
|
2.15 |
Telephone subscriptions................................................................. |
|
5. |
.....ν................. |
55.9 |
Germany............................ |
63.1 |
|
2.16 |
Mobile telephone subscriptions ................................................... |
|
45. |
.....ν............... |
105.0 |
Hong Kong SAR............... |
209.6 |
|
(continued)
The Financial Development Report 2012 | 121
2: Country/Economy Profiles
France
Financial Development Index in detail (continued) |
|
ν Development Advantage |
ν Development Disadvantage |
||||
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indicator |
rank/62 |
|
value |
best Performer |
Value |
|
|
2nd pillar: Business environment (continued) |
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Cost of doing business |
|
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|
2.17 |
Cost of starting a business........................................................... |
11 |
......ν |
...................0.9 |
Denmark.............................. |
0.0 |
|
2.18 |
Cost of registering property ......................................................... |
48. |
.....ν................... |
6.1 |
Multiple (2)............................ |
0.0 |
|
2.19 |
Cost of closing a business........................................................... |
20. |
.....ν................... |
9.0 |
Multiple (4)............................ |
1.0 |
|
2.20 |
Time to start a business............................................................... |
14. |
.....ν................... |
7.0 |
Australia............................... |
2.0 |
|
2.21 |
Time to register property.............................................................. |
51. |
.....ν................. |
59.0 |
Portugal............................... |
1.0 |
|
2.22 |
Time to close a business.............................................................. |
26. |
.....ν................... |
1.9 |
Ireland.................................. |
0.4 |
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3rd pillar: Financial stability |
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|
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Currency stability |
|
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|
3.01 |
Change in real effective exchange rate (REER)............................. |
40. |
.....ν................. |
-0.3 |
Brazil.................................... |
8.3 |
|
3.02 |
External vulnerability indicator...................................................... |
n/a. |
........................... |
n/a |
Saudi Arabia......................... |
9.3 |
|
3.03 |
Current account balance to GDP................................................. |
35. |
.....ν................. |
-1.8 |
Kuwait................................ |
32.0 |
|
3.04 |
Dollarization vulnerability indicator.................................................. |
1. |
.....ν................... |
0.0 |
Multiple (25).......................... |
0.0 |
|
3.05 |
External debt to GDP (developing economies)............................. |
n/a. |
........................... |
n/a |
China................................... |
9.6 |
|
3.06Net international investment position to GDP
|
(advanced economies)................................................................. |
13...... |
ν............... |
-10.9 |
Hong Kong SAR............... |
287.7 |
|
Banking system stability |
|
|
|
|
|
3.07 |
Frequency of banking crises......................................................... |
36...... |
ν................... |
2.0 |
Multiple (9)............................ |
0.0 |
3.08 |
Financial strengths indicator......................................................... |
17...... |
ν................... |
5.0 |
Multiple (3)............................ |
9.0 |
3.09 |
Aggregate measure of real estate bubbles.................................... |
44...... |
ν................... |
3.8 |
Ireland.................................. |
6.9 |
3.10 |
Tier 1 capital ratio......................................................................... |
41...... |
ν................. |
11.0 |
Ghana................................ |
22.7 |
3.11 |
Output loss during banking crises................................................ |
36...... |
ν................. |
46.0 |
Multiple (20).......................... |
0.0 |
|
Risk of sovereign debt crisis |
|
|
|
|
|
3.12 |
Local currency sovereign rating.................................................... |
13...... |
ν................. |
18.7 |
Multiple (10)........................ |
20.0 |
3.13 |
Foreign currency sovereign rating................................................. |
13...... |
ν................. |
18.7 |
Multiple (10)........................ |
20.0 |
3.14 |
Aggregate macroeconomic indicator............................................ |
11...... |
ν................... |
5.7 |
Peru..................................... |
6.4 |
3.15 |
Manageability of public debt ........................................................ |
54...... |
ν................. |
85.8 |
Kuwait.................................. |
6.2 |
3.16 |
Credit default swap spreads......................................................... |
31...... |
ν............... |
186.3 |
Norway.............................. |
36.2 |
|
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|
|
4th pillar: Banking financial services |
|
|
|
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|
|
Size index |
|
|
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|
|
4.01 |
Deposit money bank assets to GDP............................................. |
16...... |
ν............... |
130.4 |
Ireland.............................. |
245.1 |
4.02 |
Central bank assets to GDP......................................................... |
26...... |
ν................... |
2.2 |
Brazil.................................. |
18.3 |
4.03 |
Financial system deposits to GDP................................................ |
20...... |
ν................. |
86.5 |
Hong Kong SAR............... |
305.8 |
4.04 |
M2 to GDP................................................................................... |
21...... |
ν................. |
92.1 |
Hong Kong SAR............... |
320.5 |
4.05 |
Private credit to GDP.................................................................... |
19...... |
ν............... |
111.6 |
Denmark.......................... |
229.8 |
4.06 |
Bank deposits to GDP................................................................. |
20...... |
ν................. |
86.5 |
Hong Kong SAR............... |
305.8 |
4.07 |
Money market instruments to GDP.............................................. |
11...... |
ν................... |
3.4 |
Ireland................................ |
18.6 |
|
Efficiency index |
|
|
|
|
|
4.08 |
Aggregate profitability indicator.................................................... |
44...... |
ν................... |
4.2 |
Czech Republic.................... |
6.0 |
4.09 |
Bank overhead costs................................................................... |
17...... |
ν................... |
1.3 |
Finland................................. |
0.6 |
4.10 |
Public ownership of banks............................................................. |
1...... |
ν................... |
0.0 |
Multiple (22).......................... |
0.0 |
4.11 |
Bank operating costs to assets.................................................... |
13...... |
ν................... |
1.2 |
Sweden................................ |
0.8 |
4.12 |
Non-performing bank loans to total loans..................................... |
32...... |
ν................... |
3.7 |
Finland................................. |
0.5 |
|
Financial information disclosure |
|
|
|
|
|
4.13 |
Private credit bureau coverage .................................................... |
53...... |
ν................... |
0.0 |
Multiple (12)...................... |
100.0 |
4.14 |
Public credit registry coverage ....................................................... |
6...... |
ν................. |
43.3 |
Portugal............................. |
86.2 |
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5th pillar: Non-banking financial services |
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IPO activity |
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5.01 |
IPO market share ........................................................................ |
22...... |
ν................... |
0.6 |
China................................. |
37.8 |
5.02 |
IPO proceeds amount ................................................................. |
47...... |
ν................... |
0.0 |
Hong Kong SAR................... |
5.1 |
5.03 |
Share of world IPOs..................................................................... |
14...... |
ν................... |
1.4 |
China................................. |
30.2 |
(continued)
122 | The Financial Development Report 2012
2: Country/Economy Profiles
France
Financial Development Index in detail (continued) |
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ν Development Advantage |
ν Development Disadvantage |
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indicator |
rank/62 |
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value |
best Performer |
Value |
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5th pillar: Non-banking financial services (continued) |
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M&A activity |
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5.04 |
M&A market share ...................................................................... |
10 |
......ν |
...................3.2 |
United States..................... |
34.4 |
|
5.05 |
M&A transaction value to GDP..................................................... |
28. |
.....ν................... |
3.1 |
Hong Kong SAR................... |
9.9 |
|
5.06 |
Share of total number of M&A deals............................................... |
8. |
.....ν................... |
3.7 |
United States..................... |
23.3 |
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Insurance |
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5.07 |
Life insurance penetration.............................................................. |
9. |
.....ν................... |
6.3 |
Ireland................................ |
19.8 |
|
5.08 |
Non-life insurance penetration........................................................ |
9. |
.....ν................... |
3.5 |
Netherlands.......................... |
9.5 |
|
5.09 |
Real growth of direct insurance premiums.................................... |
56. |
.....ν............... |
- 10.0 |
Argentina............................ |
21.9 |
|
5.10 |
Life insurance density..................................................................... |
7. |
.....ν................... |
4.0 |
India................................... |
43.5 |
|
5.11 |
Non-life insurance density............................................................ |
10. |
.....ν................... |
2.2 |
China................................. |
16.1 |
|
5.12 |
Relative value added of insurance to GDP.................................... |
36. |
.....ν................... |
1.0 |
Bahrain................................. |
6.0 |
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Securitization |
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5.13 |
Securitization to GDP ................................................................. |
37. |
.....ν................... |
0.3 |
United States....................... |
5.1 |
|
5.14 |
Share of total number of securitization deals................................ |
18. |
.....ν................... |
0.8 |
United States..................... |
53.6 |
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6th pillar: Financial markets |
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Foreign exchange markets |
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6.01 |
Spot foreign exchange turnover .................................................. |
10. |
.....ν................... |
1.5 |
United Kingdom................. |
38.5 |
|
6.02 |
Outright forward foreign exchange turnover ................................... |
8. |
.....ν................... |
1.8 |
United Kingdom................. |
41.3 |
|
6.03 |
Foreign exchange swap turnover ................................................. |
8. |
.....ν................... |
4.5 |
United Kingdom................. |
33.3 |
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Derivatives markets |
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6.04 |
Interest rate derivatives turnover: Forward rate agreements............ |
3. |
.....ν................... |
5.9 |
United Kingdom................. |
48.4 |
|
6.05 |
Interest rate derivatives turnover: Swaps ....................................... |
3. |
.....ν................... |
7.9 |
United Kingdom................. |
45.3 |
|
6.06 |
Interest rate derivatives turnover: Options ...................................... |
3. |
.....ν................... |
7.8 |
United Kingdom................. |
50.4 |
|
6.07 |
Foreign exchange derivatives turnover: Currency swaps................ |
5. |
.....ν................... |
7.1 |
United Kingdom................. |
32.1 |
|
6.08 |
Foreign exchange derivatives turnover: Options............................. |
7. |
.....ν................... |
2.6 |
United Kingdom................. |
55.3 |
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Equity market development |
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6.09 |
Stock market turnover ratio.......................................................... |
25. |
.....ν................. |
83.1 |
Turkey.............................. |
237.9 |
|
6.10 |
Stock market capitalization to GDP.............................................. |
22. |
.....ν................. |
74.6 |
Hong Kong SAR............... |
440.2 |
|
6.11 |
Stock market value traded to GDP............................................... |
20. |
.....ν................. |
54.3 |
Hong Kong SAR............... |
681.5 |
|
6.12 |
Number of listed companies per 10,000 people........................... |
24. |
.....ν................... |
0.1 |
Hong Kong SAR................... |
2.0 |
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Bond market development |
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6.13 |
Private domestic bond market capitalization to GDP...................... |
7. |
.....ν................. |
54.7 |
Denmark.......................... |
177.2 |
|
6.14 |
Public domestic bond market capitalization to GDP....................... |
5. |
.....ν................. |
61.3 |
Japan............................... |
208.5 |
|
6.15 |
Private international bonds to GDP................................................. |
9. |
.....ν................. |
71.5 |
Ireland.............................. |
202.8 |
|
6.16 |
Public international bonds to GDP................................................ |
35. |
.....ν................... |
2.3 |
Greece............................... |
70.8 |
|
6.17 |
Local currency corporate bond issuance to GDP........................... |
7. |
.....ν................... |
1.4 |
Malaysia............................... |
4.9 |
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7th pillar: Financial access |
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Commercial access |
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7.01 |
Financial market sophistication..................................................... |
11. |
.....ν................... |
6.0 |
United Kingdom................... |
6.8 |
|
7.02 |
Venture capital availability............................................................. |
37. |
.....ν................... |
2.8 |
Hong Kong SAR................... |
4.5 |
|
7.03 |
Ease of access to credit .............................................................. |
54. |
.....ν................... |
2.9 |
Hong Kong SAR................... |
5.0 |
|
7.04 |
Financing through local equity market............................................ |
9. |
.....ν................... |
4.7 |
Hong Kong SAR................... |
5.7 |
|
7.05 |
Ease of access to loans............................................................... |
38. |
.....ν................... |
3.0 |
Bahrain................................. |
4.8 |
|
7.06 |
Foreign direct investment to GDP................................................. |
46. |
.....ν................... |
1.5 |
Hong Kong SAR................. |
34.2 |
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Retail access |
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7.07 |
Market penetration of bank accounts........................................... |
10. |
.....ν................. |
97.0 |
Denmark............................ |
99.7 |
|
7.08 |
Commercial bank branches ........................................................... |
6. |
.....ν................. |
43.1 |
Portugal............................. |
75.9 |
|
7.09 |
Total number of ATMs.................................................................. |
12. |
.....ν............... |
110.1 |
Korea, Rep....................... |
250.3 |
|
7.10 |
Debit card penetration.................................................................. |
15. |
.....ν................. |
69.2 |
Netherlands........................ |
97.6 |
|
7.11 |
Loan accounts at MFIs................................................................ |
n/a. |
........................... |
n/a |
Peru................................. |
121.2 |
|
7.12 |
Loan from a financial institution.................................................... |
10. |
.....ν................. |
18.6 |
Finland............................... |
23.9 |
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The Financial Development Report 2012 | 123
2: Country/Economy Profiles
Germany
Key indicators
Population (millions), 2011................................................................... |
81.8 |
GDP (US$ billions), 2011................................................................ |
3,577.0 |
GDP (current prices) per capita, 2011.......................................... |
43,741.6 |
GDP (PPP) as share (%) of world total, 2011....................................... |
3.93 |
Compound annual growth rate of real GDP (%), 2007—2011............. |
0.42 |
Financial assets by major type, 2010
12.6% |
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US$ bn |
24.0% |
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Public debt securities |
2,729.0 |
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Private debt securities |
3,329.6 |
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Banking deposits |
3,872.4 |
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34.1% |
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Equity securities |
1,429.7 |
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29.3% |
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Total |
11,360.7 |
Total/GDP 345.7%
Financial Development Index 2012
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Rank (out of 62) |
Score (1—7 scale) |
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2012 Index |
11 |
4.6 |
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1 |
2 |
3 |
4 |
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5 |
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6 |
7 |
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inputs |
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Factors, policies, and institutions |
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1st pillar: Institutional environment |
10 |
5.7 |
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Financial sector liberalization |
1 |
7.0 |
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Corporate governance |
12 |
5.3 |
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Legal and regulatory issues |
13 |
5.1 |
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Contract enforcement |
9 |
5.6 |
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2nd pillar: Business environment |
11 |
5.6 |
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Human capital |
14 |
5.1 |
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Taxes |
13 |
5.7 |
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Infrastructure |
3 |
6.2 |
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Cost of doing business |
23 |
5.5 |
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3rd pillar: Financial stability |
18 |
4.9 |
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Currency stability |
24 |
4.6 |
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Banking system stability |
24 |
4.5 |
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Risk of sovereign debt crisis |
13 |
5.8 |
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1 |
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4 |
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6 |
7 |
Financial intermediation
4th pillar: Banking financial services |
12 |
4.7 |
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Size index |
11 |
4.2 |
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Efficiency index |
29 |
5.5 |
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Financial information disclosure |
7 |
4.0 |
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5th pillar: Non-banking financial services |
16 |
3.1 |
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IPO Activity |
22 |
1.7 |
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M&A Activity |
9 |
4.4 |
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Insurance |
16 |
3.6 |
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Securitization |
15 |
2.6 |
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6th pillar: Financial markets |
13 |
3.8 |
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Foreign exchange markets |
10 |
2.8 |
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Derivatives markets |
1 |
7.0 |
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Equity market development |
30 |
2.6 |
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Bond market development |
17 |
3.5 |
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1 |
2 |
3 |
4 |
5 |
6 |
7 |
Financial access
7th pillar: Financial access.................................................................. |
16 |
4.4 |
Commercial access........................................................................ |
30 |
3.7 |
Retail access.................................................................................. |
15 |
5.1 |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
outputs |
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Note: For further details and explanation, please refer to “How Read the Country/Economy Profiles.”
124 | The Financial Development Report 2012