The Financial Development report 2012
.pdf2: Country/Economy Profiles
Germany
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 |
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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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8. |
.....ν................... |
5.0 |
United Kingdom................... |
5.3 |
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1.05 |
Efficacy of corporate boards......................................................... |
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13. |
.....ν................... |
5.2 |
South Africa......................... |
5.8 |
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1.06 |
Reliance on professional management......................................... |
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13. |
.....ν................... |
5.6 |
Finland................................. |
6.3 |
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1.07 |
Willingness to delegate ................................................................ |
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13. |
.....ν................... |
4.9 |
Denmark.............................. |
6.2 |
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1.08 |
Strength of auditing and reporting standards................................ |
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17. |
.....ν................... |
5.5 |
South Africa......................... |
6.6 |
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1.09 |
Ethical behavior of firms............................................................... |
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11. |
.....ν................... |
5.8 |
Finland................................. |
6.5 |
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1.10 |
Protection of minority shareholders’ interests............................... |
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17. |
.....ν................... |
4.9 |
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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26. |
.....ν................... |
3.4 |
Singapore............................. |
5.6 |
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1.12 |
Regulation of securities exchanges.............................................. |
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24. |
.....ν................... |
4.8 |
South Africa......................... |
6.5 |
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1.13 |
Property rights ............................................................................ |
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11. |
.....ν................... |
5.8 |
Finland................................. |
6.5 |
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1.14 |
Intellectual property protection....................................................... |
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7. |
.....ν................... |
5.6 |
Finland................................. |
6.3 |
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1.15 |
Diversion of public funds.............................................................. |
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13. |
.....ν................... |
5.5 |
Denmark.............................. |
6.3 |
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1.16 |
Public trust in politicians .............................................................. |
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18. |
.....ν................... |
3.7 |
Singapore............................. |
6.3 |
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1.17 |
Corruption perceptions index....................................................... |
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11. |
.....ν................... |
8.0 |
Finland................................. |
9.4 |
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1.18 |
Strength of legal rights index........................................................ |
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24. |
.....ν................... |
7.0 |
Multiple (6).......................... |
10.0 |
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1.19 |
Central bank transparency............................................................. |
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5. |
.....ν................. |
11.0 |
Sweden.............................. |
15.0 |
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Contract enforcement |
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1.20 |
Effectiveness of law-making bodies.............................................. |
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12. |
.....ν................... |
4.8 |
Singapore............................. |
6.4 |
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1.21 |
Judicial independence.................................................................... |
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6. |
.....ν................... |
6.2 |
Finland................................. |
6.5 |
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1.22 |
Irregular payments in judicial decisions......................................... |
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10. |
.....ν................... |
6.4 |
Denmark.............................. |
6.8 |
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1.23 |
Time to enforce a contract........................................................... |
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14. |
.....ν............... |
394.0 |
Singapore......................... |
150.0 |
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1.24 |
Number of procedures to enforce a contract................................ |
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13. |
.....ν................. |
30.0 |
Multiple (2).......................... |
21.0 |
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1.25 |
Strength of investor protection index............................................ |
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41. |
.....ν................... |
5.0 |
Singapore............................. |
9.3 |
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1.26 |
Cost of enforcing contracts ......................................................... |
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10. |
.....ν................. |
14.4 |
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................................................... |
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22. |
.....ν................... |
4.9 |
United Kingdom................... |
6.1 |
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2.02 |
Quality of math and science education......................................... |
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15. |
.....ν................... |
4.7 |
Singapore............................. |
6.3 |
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2.03 |
Extent of staff training................................................................... |
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11. |
.....ν................... |
5.0 |
Switzerland.......................... |
5.6 |
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2.04 |
Local availability of specialized research and training services |
......... 4. |
.....ν................... |
6.1 |
Switzerland.......................... |
6.4 |
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2.05 |
Brain drain................................................................................... |
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18. |
.....ν................... |
4.7 |
Switzerland.......................... |
6.3 |
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2.06 |
Tertiary enrollment ..................................................................... |
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n/a. |
........................... |
n/a |
Korea, Rep....................... |
103.1 |
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Taxes |
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2.07 |
Irregular payments in tax collection............................................... |
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15. |
.....ν................... |
6.2 |
Finland................................. |
6.9 |
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2.08 |
Distortive effect of taxes and subsidies on competition................. |
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40. |
.....ν................... |
3.8 |
United Arab Emirates........... |
5.9 |
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2.09 |
Marginal tax variation..................................................................... |
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2. |
.....ν................. |
-3.2 |
Kuwait................................ |
-4.8 |
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2.10 |
Time to pay taxes......................................................................... |
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29. |
.....ν............... |
221.0 |
United Arab Emirates......... |
12.0 |
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Infrastructure |
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2.11 |
Quality of overall infrastructure ....................................................... |
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8. |
.....ν................... |
6.2 |
Switzerland.......................... |
6.6 |
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2.12 |
Quality of electricity supply........................................................... |
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16. |
.....ν................... |
6.4 |
Netherlands.......................... |
6.8 |
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2.13 |
Internet users ................................................................................ |
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8. |
.....ν................. |
83.0 |
Norway.............................. |
94.0 |
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2.14 |
Broadband Internet subscriptions.................................................. |
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9. |
.....ν................. |
32.5 |
Switzerland........................ |
39.2 |
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2.15 |
Telephone subscriptions................................................................. |
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1. |
.....ν................. |
63.1 |
Germany............................ |
63.1 |
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2.16 |
Mobile telephone subscriptions ................................................... |
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14. |
.....ν............... |
132.3 |
Hong Kong SAR............... |
209.6 |
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(continued)
The Financial Development Report 2012 | 125
2: Country/Economy Profiles
Germany
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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2nd pillar: Business environment (continued) |
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Cost of doing business |
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2.17 |
Cost of starting a business........................................................... |
25 |
......ν |
...................4.6 |
Denmark.............................. |
0.0 |
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2.18 |
Cost of registering property ......................................................... |
43. |
.....ν................... |
5.2 |
Multiple (2)............................ |
0.0 |
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2.19 |
Cost of closing a business........................................................... |
17. |
.....ν................... |
8.0 |
Multiple (4)............................ |
1.0 |
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2.20 |
Time to start a business............................................................... |
33. |
.....ν................. |
15.0 |
Australia............................... |
2.0 |
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2.21 |
Time to register property.............................................................. |
42. |
.....ν................. |
40.0 |
Portugal............................... |
1.0 |
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2.22 |
Time to close a business.............................................................. |
14. |
.....ν................... |
1.2 |
Ireland.................................. |
0.4 |
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3rd pillar: Financial stability |
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Currency stability |
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3.01 |
Change in real effective exchange rate (REER)............................. |
42. |
.....ν................. |
-0.5 |
Brazil.................................... |
8.3 |
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3.02 |
External vulnerability indicator...................................................... |
n/a. |
........................... |
n/a |
Saudi Arabia......................... |
9.3 |
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3.03 |
Current account balance to GDP................................................. |
10. |
.....ν................... |
5.9 |
Kuwait................................ |
32.0 |
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3.04 |
Dollarization vulnerability indicator.................................................. |
1. |
.....ν................... |
0.0 |
Multiple (25).......................... |
0.0 |
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3.05 |
External debt to GDP (developing economies)............................. |
n/a. |
........................... |
n/a |
China................................... |
9.6 |
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3.06Net international investment position to GDP
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(advanced economies)................................................................... |
8...... |
ν |
................. 36.3 |
Hong Kong SAR............... |
287.7 |
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Banking system stability |
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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.................................... |
21...... |
ν................... |
5.4 |
Ireland.................................. |
6.9 |
3.10 |
Tier 1 capital ratio......................................................................... |
19...... |
ν................. |
13.6 |
Ghana................................ |
22.7 |
3.11 |
Output loss during banking crises................................................ |
27...... |
ν................. |
22.0 |
Multiple (20).......................... |
0.0 |
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Risk of sovereign debt crisis |
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3.12 |
Local currency sovereign rating...................................................... |
1...... |
ν................. |
20.0 |
Multiple (10)........................ |
20.0 |
3.13 |
Foreign currency sovereign rating................................................... |
1...... |
ν................. |
20.0 |
Multiple (10)........................ |
20.0 |
3.14 |
Aggregate macroeconomic indicator............................................ |
17...... |
ν................... |
5.5 |
Peru..................................... |
6.4 |
3.15 |
Manageability of public debt ........................................................ |
51...... |
ν................. |
81.2 |
Kuwait.................................. |
6.2 |
3.16 |
Credit default swap spreads......................................................... |
11...... |
ν................. |
89.3 |
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............................................. |
17...... |
ν............... |
130.4 |
Ireland.............................. |
245.1 |
4.02 |
Central bank assets to GDP......................................................... |
45...... |
ν................... |
0.2 |
Brazil.................................. |
18.3 |
4.03 |
Financial system deposits to GDP................................................ |
11...... |
ν............... |
117.5 |
Hong Kong SAR............... |
305.8 |
4.04 |
M2 to GDP................................................................................... |
11...... |
ν............... |
123.6 |
Hong Kong SAR............... |
320.5 |
4.05 |
Private credit to GDP.................................................................... |
23...... |
ν............... |
107.7 |
Denmark.......................... |
229.8 |
4.06 |
Bank deposits to GDP................................................................. |
11...... |
ν............... |
117.5 |
Hong Kong SAR............... |
305.8 |
4.07 |
Money market instruments to GDP.............................................. |
10...... |
ν................... |
4.2 |
Ireland................................ |
18.6 |
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Efficiency index |
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4.08 |
Aggregate profitability indicator.................................................... |
53...... |
ν................... |
3.7 |
Czech Republic.................... |
6.0 |
4.09 |
Bank overhead costs................................................................... |
18...... |
ν................... |
1.3 |
Finland................................. |
0.6 |
4.10 |
Public ownership of banks........................................................... |
40...... |
ν................. |
17.4 |
Multiple (22).......................... |
0.0 |
4.11 |
Bank operating costs to assets...................................................... |
5...... |
ν................... |
1.0 |
Sweden................................ |
0.8 |
4.12 |
Non-performing bank loans to total loans..................................... |
32...... |
ν................... |
3.7 |
Finland................................. |
0.5 |
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Financial information disclosure |
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4.13 |
Private credit bureau coverage ...................................................... |
1...... |
ν............... |
100.0 |
Multiple (12)...................... |
100.0 |
4.14 |
Public credit registry coverage ..................................................... |
23...... |
ν................... |
1.3 |
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 ........................................................................ |
19...... |
ν................... |
1.0 |
China................................. |
37.8 |
5.02 |
IPO proceeds amount ................................................................. |
40...... |
ν................... |
0.1 |
Hong Kong SAR................... |
5.1 |
5.03 |
Share of world IPOs..................................................................... |
19...... |
ν................... |
0.7 |
China................................. |
30.2 |
(continued)
126 | The Financial Development Report 2012
2: Country/Economy Profiles
Germany
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 ........................................................................ |
8 |
......ν |
...................3.8 |
United States..................... |
34.4 |
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5.05 |
M&A transaction value to GDP..................................................... |
31. |
.....ν................... |
2.8 |
Hong Kong SAR................... |
9.9 |
|
5.06 |
Share of total number of M&A deals............................................... |
9. |
.....ν................... |
3.4 |
United States..................... |
23.3 |
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Insurance |
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5.07 |
Life insurance penetration............................................................ |
20. |
.....ν................... |
3.2 |
Ireland................................ |
19.8 |
|
5.08 |
Non-life insurance penetration........................................................ |
8. |
.....ν................... |
3.7 |
Netherlands.......................... |
9.5 |
|
5.09 |
Real growth of direct insurance premiums.................................... |
44. |
.....ν................. |
-2.8 |
Argentina............................ |
21.9 |
|
5.10 |
Life insurance density................................................................... |
12. |
.....ν................... |
2.6 |
India................................... |
43.5 |
|
5.11 |
Non-life insurance density.............................................................. |
5. |
.....ν................... |
3.0 |
China................................. |
16.1 |
|
5.12 |
Relative value added of insurance to GDP.................................... |
45. |
.....ν................... |
0.6 |
Bahrain................................. |
6.0 |
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Securitization |
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5.13 |
Securitization to GDP ................................................................. |
24. |
.....ν................... |
0.6 |
United States....................... |
5.1 |
|
5.14 |
Share of total number of securitization deals................................ |
11. |
.....ν................... |
1.5 |
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 .................................................... |
9. |
.....ν................... |
1.7 |
United Kingdom................. |
38.5 |
|
6.02 |
Outright forward foreign exchange turnover ................................. |
10. |
.....ν................... |
1.5 |
United Kingdom................. |
41.3 |
|
6.03 |
Foreign exchange swap turnover ............................................... |
10. |
.....ν................... |
2.7 |
United Kingdom................. |
33.3 |
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Derivatives markets |
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6.04 |
Interest rate derivatives turnover: Forward rate agreements............ |
5. |
.....ν................... |
1.9 |
United Kingdom................. |
48.4 |
|
6.05 |
Interest rate derivatives turnover: Swaps ....................................... |
9. |
.....ν................... |
1.9 |
United Kingdom................. |
45.3 |
|
6.06 |
Interest rate derivatives turnover: Options ...................................... |
9. |
.....ν................... |
0.8 |
United Kingdom................. |
50.4 |
|
6.07 |
Foreign exchange derivatives turnover: Currency swaps................ |
7. |
.....ν................... |
2.4 |
United Kingdom................. |
32.1 |
|
6.08 |
Foreign exchange derivatives turnover: Options............................. |
8. |
.....ν................... |
2.1 |
United Kingdom................. |
55.3 |
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Equity market development |
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|
6.09 |
Stock market turnover ratio.......................................................... |
14. |
.....ν............... |
115.0 |
Turkey.............................. |
237.9 |
|
6.10 |
Stock market capitalization to GDP.............................................. |
35. |
.....ν................. |
40.6 |
Hong Kong SAR............... |
440.2 |
|
6.11 |
Stock market value traded to GDP............................................... |
26. |
.....ν................. |
40.1 |
Hong Kong SAR............... |
681.5 |
|
6.12 |
Number of listed companies per 10,000 people........................... |
32. |
.....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.................... |
20. |
.....ν................. |
23.3 |
Denmark.......................... |
177.2 |
|
6.14 |
Public domestic bond market capitalization to GDP..................... |
11. |
.....ν................. |
48.6 |
Japan............................... |
208.5 |
|
6.15 |
Private international bonds to GDP............................................... |
10. |
.....ν................. |
68.7 |
Ireland.............................. |
202.8 |
|
6.16 |
Public international bonds to GDP................................................ |
17. |
.....ν................... |
8.6 |
Greece............................... |
70.8 |
|
6.17 |
Local currency corporate bond issuance to GDP......................... |
25. |
.....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..................................................... |
19. |
.....ν................... |
5.7 |
United Kingdom................... |
6.8 |
|
7.02 |
Venture capital availability............................................................. |
24. |
.....ν................... |
3.2 |
Hong Kong SAR................... |
4.5 |
|
7.03 |
Ease of access to credit .............................................................. |
22. |
.....ν................... |
4.1 |
Hong Kong SAR................... |
5.0 |
|
7.04 |
Financing through local equity market.......................................... |
26. |
.....ν................... |
4.3 |
Hong Kong SAR................... |
5.7 |
|
7.05 |
Ease of access to loans............................................................... |
26. |
.....ν................... |
3.2 |
Bahrain................................. |
4.8 |
|
7.06 |
Foreign direct investment to GDP................................................. |
50. |
.....ν................... |
1.1 |
Hong Kong SAR................. |
34.2 |
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Retail access |
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|
7.07 |
Market penetration of bank accounts............................................. |
7. |
.....ν................. |
98.1 |
Denmark............................ |
99.7 |
|
7.08 |
Commercial bank branches ......................................................... |
27. |
.....ν................. |
17.6 |
Portugal............................. |
75.9 |
|
7.09 |
Total number of ATMs.................................................................. |
10. |
.....ν............... |
116.8 |
Korea, Rep....................... |
250.3 |
|
7.10 |
Debit card penetration.................................................................... |
5. |
.....ν................. |
88.0 |
Netherlands........................ |
97.6 |
|
7.11 |
Loan accounts at MFIs................................................................ |
n/a. |
........................... |
n/a |
Peru................................. |
121.2 |
|
7.12 |
Loan from a financial institution.................................................... |
19. |
.....ν................. |
12.5 |
Finland............................... |
23.9 |
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The Financial Development Report 2012 | 127
2: Country/Economy Profiles
Ghana
Key indicators
Population (millions), 2011................................................................... |
24.3 |
GDP (US$ billions), 2011..................................................................... |
37.2 |
GDP (current prices) per capita, 2011............................................ |
1,528.9 |
GDP (PPP) as share (%) of world total, 2011....................................... |
0.10 |
Compound annual growth rate of real GDP (%), 2007—2011............. |
6.65 |
Financial assets by major type, 2010
|
16.2% |
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US$ bn |
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|
|
|
|
|
|
|
Public debt securities |
11.0 |
|
|
|
|
||
|
50.1% |
|
|
Private debt securities |
0.0 |
|
|
|
|||
|
|
|
Banking deposits |
7.4 |
|
|
|
||||
|
|
|
|
||
33.7% |
|
|
|
Equity securities |
3.5 |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Total |
21.9 |
Total/GDP 67.6%
Financial Development Index 2012
|
Rank (out of 62) |
Score (1—7 scale) |
|
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|
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2012 Index |
56 |
2.7 |
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1 |
2 |
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3 |
4 |
5 |
6 |
7 |
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inputs |
|
Factors, policies, and institutions |
|
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1st pillar: Institutional environment |
42 |
3.8 |
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Financial sector liberalization |
50 |
3.1 |
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Corporate governance |
47 |
4.0 |
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Legal and regulatory issues |
34 |
3.7 |
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Contract enforcement |
31 |
4.4 |
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2nd pillar: Business environment |
48 |
3.8 |
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Human capital |
57 |
3.3 |
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Taxes |
39 |
4.7 |
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Infrastructure |
57 |
2.0 |
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Cost of doing business |
34 |
5.0 |
|
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3rd pillar: Financial stability |
33 |
4.4 |
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Currency stability........................................................................... |
n/a |
n/a |
|
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Banking system stability |
2 |
6.0 |
|
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Risk of sovereign debt crisis |
56 |
2.3 |
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|
1 |
2 |
|
3 |
4 |
5 |
6 |
7 |
Financial intermediation
4th pillar: Banking financial services |
60 |
1.9 |
|
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Size index |
48 |
1.5 |
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Efficiency index |
62 |
2.6 |
|
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Financial information disclosure |
57 |
1.1 |
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5th pillar: Non-banking financial services |
61 |
1.1 |
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IPO Activity |
47 |
1.1 |
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M&A Activity |
51 |
1.2 |
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|
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Insurance...................................................................................... |
n/a |
n/a |
|
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|
|
Securitization................................................................................. |
n/a |
n/a |
|
|
|
|
|
6th pillar: Financial markets |
61 |
1.0 |
|
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|
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|
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Foreign exchange markets............................................................ |
n/a |
n/a |
|
|
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|
|
Derivatives markets....................................................................... |
n/a |
n/a |
|
|
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|
|
Equity market development |
60 |
1.0 |
|
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|
|
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|
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Bond market development............................................................ |
n/a |
n/a |
|
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|
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|
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
Financial access
7th pillar: Financial access |
55 |
2.7 |
|
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|
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Commercial access |
28 |
3.7 |
|
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|
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Retail access |
55 |
1.6 |
|
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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.”
128 | The Financial Development Report 2012
2: Country/Economy Profiles
Ghana
Financial Development Index in detail |
|
|
ν Development Advantage |
ν Development Disadvantage |
||||
|
|
|
|
|
|
|
|
|
|
indicator |
rank/62 |
|
value |
best Performer |
Value |
||
|
1st pillar: Institutional environment |
|
|
|
|
|
|
|
|
Financial sector liberalization |
|
|
|
|
|
|
|
1.01 |
Capital account liberalization........................................................ |
|
48 |
......ν |
...................2.1 |
Multiple (25).......................... |
7.0 |
|
1.02 |
Commitments to WTO Agreement on Trade in Services............... |
|
32. |
.....ν................... |
4.2 |
Multiple (17).......................... |
7.0 |
|
1.03 |
Domestic financial sector liberalization......................................... |
|
n/a. |
........................... |
n/a |
Multiple (24).......................... |
7.0 |
|
|
Corporate governance |
|
|
|
|
|
|
|
1.04 |
Extent of incentive-based compensation...................................... |
|
61. |
.....ν................... |
3.1 |
United Kingdom................... |
5.3 |
|
1.05 |
Efficacy of corporate boards......................................................... |
|
39. |
.....ν................... |
4.4 |
South Africa......................... |
5.8 |
|
1.06 |
Reliance on professional management......................................... |
|
34. |
.....ν................... |
4.5 |
Finland................................. |
6.3 |
|
1.07 |
Willingness to delegate ................................................................ |
|
52. |
.....ν................... |
3.3 |
Denmark.............................. |
6.2 |
|
1.08 |
Strength of auditing and reporting standards................................ |
|
44. |
.....ν................... |
4.4 |
South Africa......................... |
6.6 |
|
1.09 |
Ethical behavior of firms............................................................... |
|
39. |
.....ν................... |
3.8 |
Finland................................. |
6.5 |
|
1.10 |
Protection of minority shareholders’ interests............................... |
|
30. |
.....ν .................. |
4.4 |
Finland................................. |
6.1 |
|
|
Legal and regulatory issues |
|
|
|
|
|
|
|
1.11 |
Burden of government regulation................................................. |
|
24. |
.....ν .................. |
3.4 |
Singapore............................. |
5.6 |
|
1.12 |
Regulation of securities exchanges.............................................. |
|
34. |
.....ν................... |
4.5 |
South Africa......................... |
6.5 |
|
1.13 |
Property rights ............................................................................ |
|
47. |
.....ν................... |
3.9 |
Finland................................. |
6.5 |
|
1.14 |
Intellectual property protection..................................................... |
|
49. |
.....ν................... |
3.1 |
Finland................................. |
6.3 |
|
1.15 |
Diversion of public funds.............................................................. |
|
36. |
.....ν................... |
3.2 |
Denmark.............................. |
6.3 |
|
1.16 |
Public trust in politicians .............................................................. |
|
36. |
.....ν................... |
2.6 |
Singapore............................. |
6.3 |
|
1.17 |
Corruption perceptions index....................................................... |
|
37. |
.....ν................... |
3.9 |
Finland................................. |
9.4 |
|
1.18 |
Strength of legal rights index........................................................ |
|
17. |
.....ν .................. |
8.0 |
Multiple (6).......................... |
10.0 |
|
1.19 |
Central bank transparency........................................................... |
|
43. |
.....ν................... |
6.0 |
Sweden.............................. |
15.0 |
|
|
Contract enforcement |
|
|
|
|
|
|
|
1.20 |
Effectiveness of law-making bodies.............................................. |
|
21. |
.....ν .................. |
4.1 |
Singapore............................. |
6.4 |
|
1.21 |
Judicial independence.................................................................. |
|
32. |
.....ν................... |
4.1 |
Finland................................. |
6.5 |
|
1.22 |
Irregular payments in judicial decisions......................................... |
|
44. |
.....ν................... |
3.5 |
Denmark.............................. |
6.8 |
|
1.23 |
Time to enforce a contract........................................................... |
|
30. |
.....ν .............. |
487.0 |
Singapore......................... |
150.0 |
|
1.24 |
Number of procedures to enforce a contract................................ |
|
33. |
.....ν................. |
36.0 |
Multiple (2).......................... |
21.0 |
|
1.25 |
Strength of investor protection index............................................ |
|
24. |
.....ν .................. |
6.0 |
Singapore............................. |
9.3 |
|
1.26 |
Cost of enforcing contracts ......................................................... |
|
26. |
.....ν ................ |
23.0 |
Norway................................ |
9.9 |
|
|
|
|
|
|
|
|
|
|
|
2nd pillar: Business environment |
|
|
|
|
|
|
|
|
Human capital |
|
|
|
|
|
|
|
2.01 |
Quality of management schools................................................... |
|
38. |
.....ν................... |
4.3 |
United Kingdom................... |
6.1 |
|
2.02 |
Quality of math and science education......................................... |
|
45. |
.....ν................... |
3.6 |
Singapore............................. |
6.3 |
|
2.03 |
Extent of staff training................................................................... |
|
50. |
.....ν................... |
3.7 |
Switzerland.......................... |
5.6 |
|
2.04 |
Local availability of specialized research and training services |
....... 53. |
.....ν................... |
3.7 |
Switzerland.......................... |
6.4 |
|
|
2.05 |
Brain drain................................................................................... |
|
37. |
.....ν................... |
3.6 |
Switzerland.......................... |
6.3 |
|
2.06 |
Tertiary enrollment ...................................................................... |
|
56. |
.....ν................. |
12.1 |
Korea, Rep....................... |
103.1 |
|
|
Taxes |
|
|
|
|
|
|
|
2.07 |
Irregular payments in tax collection............................................... |
|
53. |
.....ν................... |
3.3 |
Finland................................. |
6.9 |
|
2.08 |
Distortive effect of taxes and subsidies on competition................. |
|
28. |
.....ν .................. |
4.2 |
United Arab Emirates........... |
5.9 |
|
2.09 |
Marginal tax variation................................................................... |
|
30. |
.....ν .................. |
6.6 |
Kuwait................................ |
-4.8 |
|
2.10 |
Time to pay taxes......................................................................... |
|
32. |
.....ν............... |
224.0 |
United Arab Emirates......... |
12.0 |
|
|
Infrastructure |
|
|
|
|
|
|
|
2.11 |
Quality of overall infrastructure ..................................................... |
|
46. |
.....ν................... |
3.9 |
Switzerland.......................... |
6.6 |
|
2.12 |
Quality of electricity supply........................................................... |
|
57. |
.....ν................... |
3.0 |
Netherlands.......................... |
6.8 |
|
2.13 |
Internet users .............................................................................. |
|
58. |
.....ν................. |
14.1 |
Norway.............................. |
94.0 |
|
2.14 |
Broadband Internet subscriptions................................................ |
|
58. |
.....ν................... |
0.3 |
Switzerland........................ |
39.2 |
|
2.15 |
Telephone subscriptions............................................................... |
|
58. |
.....ν................... |
1.1 |
Germany............................ |
63.1 |
|
2.16 |
Mobile telephone subscriptions ................................................... |
|
53. |
.....ν................. |
84.8 |
Hong Kong SAR............... |
209.6 |
|
(continued)
The Financial Development Report 2012 | 129
2: Country/Economy Profiles
Ghana
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........................................................... |
51 |
......ν |
................. 17.3 |
Denmark.............................. |
0.0 |
|
2.18 |
Cost of registering property ......................................................... |
10. |
.....ν |
..................0.7 |
Multiple (2)............................ |
0.0 |
|
2.19 |
Cost of closing a business........................................................... |
49. |
.....ν................. |
22.0 |
Multiple (4)............................ |
1.0 |
|
2.20 |
Time to start a business............................................................... |
24. |
.....ν ................ |
12.0 |
Australia............................... |
2.0 |
|
2.21 |
Time to register property.............................................................. |
36. |
.....ν................. |
34.0 |
Portugal............................... |
1.0 |
|
2.22 |
Time to close a business.............................................................. |
26. |
.....ν .................. |
1.9 |
Ireland.................................. |
0.4 |
|
|
|
|
|
|
|
|
|
|
3rd pillar: Financial stability |
|
|
|
|
|
|
|
Currency stability |
|
|
|
|
|
|
3.01 |
Change in real effective exchange rate (REER)............................ |
n/a. |
........................... |
n/a |
Brazil.................................... |
8.3 |
|
3.02 |
External vulnerability indicator...................................................... |
n/a. |
........................... |
n/a |
Saudi Arabia......................... |
9.3 |
|
3.03 |
Current account balance to GDP................................................. |
57. |
.....ν................. |
-6.8 |
Kuwait................................ |
32.0 |
|
3.04 |
Dollarization vulnerability indicator............................................... |
n/a. |
........................... |
n/a |
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)................................................................ |
n/a. |
........................... |
n/a |
Hong Kong SAR............... |
287.7 |
|
Banking system stability |
|
|
|
|
|
3.07 |
Frequency of banking crises......................................................... |
13...... .................. |
ν |
0.8 |
Multiple (9)............................ |
0.0 |
3.08 |
Financial strengths indicator........................................................ |
n/a............................ |
|
n/a |
Multiple (3)............................ |
9.0 |
3.09 |
Aggregate measure of real estate bubbles................................... |
n/a............................ |
|
n/a |
Ireland.................................. |
6.9 |
3.10 |
Tier 1 capital ratio........................................................................... |
1...... ................ |
ν |
22.7 |
Ghana................................ |
22.7 |
3.11 |
Output loss during banking crises................................................ |
32...... ................. |
ν |
34.0 |
Multiple (20).......................... |
0.0 |
|
Risk of sovereign debt crisis |
|
|
|
|
|
3.12 |
Local currency sovereign rating.................................................... |
56...... ................... |
ν |
6.0 |
Multiple (10)........................ |
20.0 |
3.13 |
Foreign currency sovereign rating................................................. |
56...... ................... |
ν |
6.0 |
Multiple (10)........................ |
20.0 |
3.14 |
Aggregate macroeconomic indicator............................................ |
58...... ................... |
ν |
3.5 |
Peru..................................... |
6.4 |
3.15 |
Manageability of public debt ........................................................ |
17...... ................ |
ν |
35.9 |
Kuwait.................................. |
6.2 |
3.16 |
Credit default swap spreads........................................................ |
n/a............................ |
|
n/a |
Norway.............................. |
36.2 |
|
|
|
|
|
|
|
|
4th pillar: Banking financial services |
|
|
|
|
|
|
Size index |
|
|
|
|
|
4.01 |
Deposit money bank assets to GDP............................................. |
56...... ................. |
ν |
23.8 |
Ireland.............................. |
245.1 |
4.02 |
Central bank assets to GDP........................................................... |
9...... .................. |
ν |
5.9 |
Brazil.................................. |
18.3 |
4.03 |
Financial system deposits to GDP............................................... |
n/a............................ |
|
n/a |
Hong Kong SAR............... |
305.8 |
4.04 |
M2 to GDP................................................................................... |
59...... ................. |
ν |
28.4 |
Hong Kong SAR............... |
320.5 |
4.05 |
Private credit to GDP.................................................................... |
59...... ................. |
ν |
13.7 |
Denmark.......................... |
229.8 |
4.06 |
Bank deposits to GDP................................................................ |
n/a............................ |
|
n/a |
Hong Kong SAR............... |
305.8 |
4.07 |
Money market instruments to GDP.............................................. |
33...... ................... |
ν |
0.0 |
Ireland................................ |
18.6 |
|
Efficiency index |
|
|
|
|
|
4.08 |
Aggregate profitability indicator.................................................... |
31...... .................. |
ν |
4.7 |
Czech Republic.................... |
6.0 |
4.09 |
Bank overhead costs................................................................... |
60...... ................... |
ν |
7.2 |
Finland................................. |
0.6 |
4.10 |
Public ownership of banks........................................................... |
44...... ................. |
ν |
22.2 |
Multiple (22).......................... |
0.0 |
4.11 |
Bank operating costs to assets.................................................... |
62...... ................... |
ν |
8.4 |
Sweden................................ |
0.8 |
4.12 |
Non-performing bank loans to total loans..................................... |
52...... ................. |
ν |
14.1 |
Finland................................. |
0.5 |
|
Financial information disclosure |
|
|
|
|
|
4.13 |
Private credit bureau coverage .................................................... |
51...... ................... |
ν |
3.3 |
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 ........................................................................ |
52...... ................... |
ν |
0.0 |
China................................. |
37.8 |
5.02 |
IPO proceeds amount ................................................................. |
41...... ................... |
ν |
0.0 |
Hong Kong SAR................... |
5.1 |
5.03 |
Share of world IPOs..................................................................... |
52...... ................... |
ν |
0.0 |
China................................. |
30.2 |
(continued)
130 | The Financial Development Report 2012
2: Country/Economy Profiles
Ghana
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) |
|
|
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|
|
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|
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M&A activity |
|
|
|
|
|
|
5.04 |
M&A market share ...................................................................... |
58 |
......ν |
...................0.0 |
United States..................... |
34.4 |
|
5.05 |
M&A transaction value to GDP..................................................... |
49. |
.....ν................... |
1.2 |
Hong Kong SAR................... |
9.9 |
|
5.06 |
Share of total number of M&A deals............................................. |
59. |
.....ν................... |
0.0 |
United States..................... |
23.3 |
|
|
Insurance |
|
|
|
|
|
|
5.07 |
Life insurance penetration........................................................... |
n/a. |
........................... |
n/a |
Ireland................................ |
19.8 |
|
5.08 |
Non-life insurance penetration..................................................... |
n/a. |
........................... |
n/a |
Netherlands.......................... |
9.5 |
|
5.09 |
Real growth of direct insurance premiums................................... |
n/a. |
........................... |
n/a |
Argentina............................ |
21.9 |
|
5.10 |
Life insurance density.................................................................. |
n/a. |
........................... |
n/a |
India................................... |
43.5 |
|
5.11 |
Non-life insurance density........................................................... |
n/a. |
........................... |
n/a |
China................................. |
16.1 |
|
5.12 |
Relative value added of insurance to GDP................................... |
n/a. |
........................... |
n/a |
Bahrain................................. |
6.0 |
|
|
Securitization |
|
|
|
|
|
|
5.13 |
Securitization to GDP ................................................................ |
n/a. |
........................... |
n/a |
United States....................... |
5.1 |
|
5.14 |
Share of total number of securitization deals............................... |
n/a. |
........................... |
n/a |
United States..................... |
53.6 |
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6th pillar: Financial markets |
|
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Foreign exchange markets |
|
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|
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|
|
6.01 |
Spot foreign exchange turnover ................................................. |
n/a. |
........................... |
n/a |
United Kingdom................. |
38.5 |
|
6.02 |
Outright forward foreign exchange turnover ................................ |
n/a. |
........................... |
n/a |
United Kingdom................. |
41.3 |
|
6.03 |
Foreign exchange swap turnover .............................................. |
n/a. |
........................... |
n/a |
United Kingdom................. |
33.3 |
|
|
Derivatives markets |
|
|
|
|
|
|
6.04 |
Interest rate derivatives turnover: Forward rate agreements......... |
n/a. |
........................... |
n/a |
United Kingdom................. |
48.4 |
|
6.05 |
Interest rate derivatives turnover: Swaps .................................... |
n/a. |
........................... |
n/a |
United Kingdom................. |
45.3 |
|
6.06 |
Interest rate derivatives turnover: Options ................................... |
n/a. |
........................... |
n/a |
United Kingdom................. |
50.4 |
|
6.07 |
Foreign exchange derivatives turnover: Currency swaps............. |
n/a. |
........................... |
n/a |
United Kingdom................. |
32.1 |
|
6.08 |
Foreign exchange derivatives turnover: Options.......................... |
n/a. |
........................... |
n/a |
United Kingdom................. |
55.3 |
|
|
Equity market development |
|
|
|
|
|
|
6.09 |
Stock market turnover ratio.......................................................... |
55. |
.....ν................... |
6.3 |
Turkey.............................. |
237.9 |
|
6.10 |
Stock market capitalization to GDP.............................................. |
58. |
.....ν................... |
9.5 |
Hong Kong SAR............... |
440.2 |
|
6.11 |
Stock market value traded to GDP............................................... |
58. |
.....ν................... |
0.2 |
Hong Kong SAR............... |
681.5 |
|
6.12 |
Number of listed companies per 10,000 people........................... |
57. |
.....ν................... |
0.0 |
Hong Kong SAR................... |
2.0 |
|
|
Bond market development |
|
|
|
|
|
|
6.13 |
Private domestic bond market capitalization to GDP................... |
n/a. |
........................... |
n/a |
Denmark.......................... |
177.2 |
|
6.14 |
Public domestic bond market capitalization to GDP.................... |
n/a. |
........................... |
n/a |
Japan............................... |
208.5 |
|
6.15 |
Private international bonds to GDP............................................... |
56. |
.....ν................... |
0.0 |
Ireland.............................. |
202.8 |
|
6.16 |
Public international bonds to GDP................................................ |
38. |
.....ν................... |
2.1 |
Greece............................... |
70.8 |
|
6.17 |
Local currency corporate bond issuance to GDP........................ |
n/a. |
........................... |
n/a |
Malaysia............................... |
4.9 |
|
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|
|
7th pillar: Financial access |
|
|
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|
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Commercial access |
|
|
|
|
|
|
7.01 |
Financial market sophistication..................................................... |
46. |
.....ν................... |
4.3 |
United Kingdom................... |
6.8 |
|
7.02 |
Venture capital availability............................................................. |
58. |
.....ν................... |
2.1 |
Hong Kong SAR................... |
4.5 |
|
7.03 |
Ease of access to credit .............................................................. |
48. |
.....ν................... |
3.2 |
Hong Kong SAR................... |
5.0 |
|
7.04 |
Financing through local equity market.......................................... |
33. |
.....ν................... |
4.0 |
Hong Kong SAR................... |
5.7 |
|
7.05 |
Ease of access to loans............................................................... |
58. |
.....ν................... |
2.0 |
Bahrain................................. |
4.8 |
|
7.06 |
Foreign direct investment to GDP................................................... |
5. |
.....ν .................. |
8.7 |
Hong Kong SAR................. |
34.2 |
|
|
Retail access |
|
|
|
|
|
|
7.07 |
Market penetration of bank accounts........................................... |
50. |
.....ν................. |
29.4 |
Denmark............................ |
99.7 |
|
7.08 |
Commercial bank branches ......................................................... |
47. |
.....ν................... |
5.0 |
Portugal............................. |
75.9 |
|
7.09 |
Total number of ATMs................................................................. |
n/a. |
........................... |
n/a |
Korea, Rep....................... |
250.3 |
|
7.10 |
Debit card penetration.................................................................. |
53. |
.....ν................. |
11.4 |
Netherlands........................ |
97.6 |
|
7.11 |
Loan accounts at MFIs................................................................. |
10. |
.....ν ................ |
10.9 |
Peru................................. |
121.2 |
|
7.12 |
Loan from a financial institution.................................................... |
51. |
.....ν................... |
5.8 |
Finland............................... |
23.9 |
|
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|
|
The Financial Development Report 2012 | 131
2: Country/Economy Profiles
Greece
Key indicators
Population (millions), 2011................................................................... |
11.2 |
GDP (US$ billions), 2011................................................................... |
303.1 |
GDP (current prices) per capita, 2011.......................................... |
27,073.4 |
GDP (PPP) as share (%) of world total, 2011....................................... |
0.37 |
Compound annual growth rate of real GDP (%), 2007—2011............ |
-2.79 |
Financial assets by major type, 2010
6.6% |
US$ bn |
|
|
40.1% |
|
Public debt securities |
442.7 |
|
|
|||
25.9% |
|
Private debt securities |
302.9 |
|
|
|
|||
|
|
Banking deposits |
285.8 |
|
|
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Equity securities |
72.6 |
|
|
|
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|
|
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|
|
|
27.4% |
|
Total |
1,104.1 |
|
|
|
|
|
|
|
|
|
Total/GDP 361.5%
Financial Development Index 2012
|
Rank (out of 62) |
Score (1—7 scale) |
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2012 Index |
48 |
3.1 |
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1 |
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2 |
3 |
4 |
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5 |
6 |
7 |
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inputs |
|
Factors, policies, and institutions |
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1st pillar: Institutional environment |
30 |
4.4 |
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Financial sector liberalization |
1 |
7.0 |
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Corporate governance |
55 |
3.7 |
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Legal and regulatory issues |
55 |
3.2 |
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Contract enforcement |
50 |
3.4 |
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2nd pillar: Business environment |
40 |
4.3 |
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Human capital |
33 |
4.1 |
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Taxes |
51 |
4.1 |
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Infrastructure |
27 |
4.6 |
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Cost of doing business |
44 |
4.5 |
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3rd pillar: Financial stability |
62 |
2.1 |
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Currency stability |
48 |
3.4 |
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Banking system stability |
61 |
2.0 |
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Risk of sovereign debt crisis |
61 |
1.0 |
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1 |
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2 |
3 |
4 |
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5 |
6 |
7 |
Financial intermediation
4th pillar: Banking financial services |
26 |
4.2 |
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Size index |
10 |
4.3 |
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Efficiency index |
49 |
4.5 |
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Financial information disclosure |
24 |
3.5 |
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5th pillar: Non-banking financial services |
57 |
1.3 |
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IPO Activity |
40 |
1.2 |
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M&A Activity |
50 |
1.2 |
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Insurance |
57 |
1.5 |
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Securitization |
43 |
1.3 |
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6th pillar: Financial markets |
29 |
2.5 |
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Foreign exchange markets |
37 |
1.1 |
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Derivatives markets |
35 |
1.2 |
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Equity market development |
36 |
2.3 |
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Bond market development |
8 |
4.4 |
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1 |
2 |
3 |
4 |
5 |
6 |
7 |
Financial access
7th pillar: Financial access.................................................................. |
42 |
3.1 |
Commercial access........................................................................ |
62 |
2.2 |
Retail access.................................................................................. |
23 |
4.1 |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
outputs |
|
|
|
|
|
|
|
Note: For further details and explanation, please refer to “How Read the Country/Economy Profiles.”
132 | The Financial Development Report 2012
2: Country/Economy Profiles
Greece
Financial Development Index in detail |
|
|
ν Development Advantage |
ν Development Disadvantage |
||||
|
|
|
|
|
|
|
|
|
|
indicator |
rank/62 |
|
value |
best Performer |
Value |
||
|
1st pillar: Institutional environment |
|
|
|
|
|
|
|
|
Financial sector liberalization |
|
|
|
|
|
|
|
1.01 |
Capital account liberalization.......................................................... |
|
1 |
......ν |
...................7.0 |
Multiple (25).......................... |
7.0 |
|
1.02 |
Commitments to WTO Agreement on Trade in Services................. |
|
1. |
.....ν................... |
7.0 |
Multiple (17).......................... |
7.0 |
|
1.03 |
Domestic financial sector liberalization............................................ |
|
1. |
.....ν................... |
7.0 |
Multiple (24).......................... |
7.0 |
|
|
Corporate governance |
|
|
|
|
|
|
|
1.04 |
Extent of incentive-based compensation...................................... |
|
55. |
.....ν................... |
3.6 |
United Kingdom................... |
5.3 |
|
1.05 |
Efficacy of corporate boards......................................................... |
|
60. |
.....ν................... |
3.9 |
South Africa......................... |
5.8 |
|
1.06 |
Reliance on professional management......................................... |
|
54. |
.....ν................... |
3.8 |
Finland................................. |
6.3 |
|
1.07 |
Willingness to delegate ................................................................ |
|
56. |
.....ν................... |
3.2 |
Denmark.............................. |
6.2 |
|
1.08 |
Strength of auditing and reporting standards................................ |
|
46. |
.....ν................... |
4.4 |
South Africa......................... |
6.6 |
|
1.09 |
Ethical behavior of firms............................................................... |
|
59. |
.....ν................... |
3.1 |
Finland................................. |
6.5 |
|
1.10 |
Protection of minority shareholders’ interests............................... |
|
36. |
.....ν................... |
4.3 |
Finland................................. |
6.1 |
|
|
Legal and regulatory issues |
|
|
|
|
|
|
|
1.11 |
Burden of government regulation................................................. |
|
59. |
.....ν................... |
2.2 |
Singapore............................. |
5.6 |
|
1.12 |
Regulation of securities exchanges.............................................. |
|
51. |
.....ν................... |
3.9 |
South Africa......................... |
6.5 |
|
1.13 |
Property rights ............................................................................ |
|
40. |
.....ν................... |
4.2 |
Finland................................. |
6.5 |
|
1.14 |
Intellectual property protection..................................................... |
|
39. |
.....ν................... |
3.7 |
Finland................................. |
6.3 |
|
1.15 |
Diversion of public funds.............................................................. |
|
54. |
.....ν................... |
2.5 |
Denmark.............................. |
6.3 |
|
1.16 |
Public trust in politicians .............................................................. |
|
61. |
.....ν................... |
1.5 |
Singapore............................. |
6.3 |
|
1.17 |
Corruption perceptions index....................................................... |
|
43. |
.....ν................... |
3.4 |
Finland................................. |
9.4 |
|
1.18 |
Strength of legal rights index........................................................ |
|
46. |
.....ν................... |
4.0 |
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.............................................. |
|
45. |
.....ν................... |
3.1 |
Singapore............................. |
6.4 |
|
1.21 |
Judicial independence.................................................................. |
|
52. |
.....ν................... |
3.1 |
Finland................................. |
6.5 |
|
1.22 |
Irregular payments in judicial decisions......................................... |
|
40. |
.....ν................... |
3.7 |
Denmark.............................. |
6.8 |
|
1.23 |
Time to enforce a contract........................................................... |
|
53. |
.....ν............... |
819.0 |
Singapore......................... |
150.0 |
|
1.24 |
Number of procedures to enforce a contract................................ |
|
46. |
.....ν................. |
39.0 |
Multiple (2).......................... |
21.0 |
|
1.25 |
Strength of investor protection index............................................ |
|
59. |
.....ν................... |
3.3 |
Singapore............................. |
9.3 |
|
1.26 |
Cost of enforcing contracts ......................................................... |
|
10. |
.....ν................. |
14.4 |
Norway................................ |
9.9 |
|
|
|
|
|
|
|
|
|
|
|
2nd pillar: Business environment |
|
|
|
|
|
|
|
|
Human capital |
|
|
|
|
|
|
|
2.01 |
Quality of management schools................................................... |
|
55. |
.....ν................... |
3.7 |
United Kingdom................... |
6.1 |
|
2.02 |
Quality of math and science education......................................... |
|
30. |
.....ν................... |
4.2 |
Singapore............................. |
6.3 |
|
2.03 |
Extent of staff training................................................................... |
|
58. |
.....ν................... |
3.3 |
Switzerland.......................... |
5.6 |
|
2.04 |
Local availability of specialized research and training services....... |
52. |
.....ν................... |
3.8 |
Switzerland.......................... |
6.4 |
|
|
2.05 |
Brain drain................................................................................... |
|
57. |
.....ν................... |
2.4 |
Switzerland.......................... |
6.3 |
|
2.06 |
Tertiary enrollment ........................................................................ |
|
4. |
.....ν................. |
89.4 |
Korea, Rep....................... |
103.1 |
|
|
Taxes |
|
|
|
|
|
|
|
2.07 |
Irregular payments in tax collection............................................... |
|
61. |
.....ν................... |
2.6 |
Finland................................. |
6.9 |
|
2.08 |
Distortive effect of taxes and subsidies on competition................. |
|
57. |
.....ν................... |
3.2 |
United Arab Emirates........... |
5.9 |
|
2.09 |
Marginal tax variation................................................................... |
|
43. |
.....ν................. |
10.6 |
Kuwait................................ |
-4.8 |
|
2.10 |
Time to pay taxes......................................................................... |
|
32. |
.....ν............... |
224.0 |
United Arab Emirates......... |
12.0 |
|
|
Infrastructure |
|
|
|
|
|
|
|
2.11 |
Quality of overall infrastructure ..................................................... |
|
38. |
.....ν................... |
4.5 |
Switzerland.......................... |
6.6 |
|
2.12 |
Quality of electricity supply........................................................... |
|
37. |
.....ν................... |
5.2 |
Netherlands.......................... |
6.8 |
|
2.13 |
Internet users .............................................................................. |
|
33. |
.....ν................. |
53.0 |
Norway.............................. |
94.0 |
|
2.14 |
Broadband Internet subscriptions................................................ |
|
24. |
.....ν................. |
21.6 |
Switzerland........................ |
39.2 |
|
2.15 |
Telephone subscriptions................................................................. |
|
8. |
.....ν................. |
49.9 |
Germany............................ |
63.1 |
|
2.16 |
Mobile telephone subscriptions ................................................... |
|
43. |
.....ν............... |
106.5 |
Hong Kong SAR............... |
209.6 |
|
(continued)
The Financial Development Report 2012 | 133
2: Country/Economy Profiles
Greece
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........................................................... |
56 |
......ν |
.................20.1 |
Denmark.............................. |
0.0 |
|
2.18 |
Cost of registering property ......................................................... |
60. |
.....ν................. |
12.0 |
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............................................................... |
23. |
.....ν................. |
10.0 |
Australia............................... |
2.0 |
|
2.21 |
Time to register property.............................................................. |
23. |
.....ν................. |
18.0 |
Portugal............................... |
1.0 |
|
2.22 |
Time to close a business.............................................................. |
28. |
.....ν................... |
2.0 |
Ireland.................................. |
0.4 |
|
|
|
|
|
|
|
|
|
|
3rd pillar: Financial stability |
|
|
|
|
|
|
|
Currency stability |
|
|
|
|
|
|
3.01 |
Change in real effective exchange rate (REER)............................. |
23. |
.....ν................... |
1.2 |
Brazil.................................... |
8.3 |
|
3.02 |
External vulnerability indicator...................................................... |
n/a. |
........................... |
n/a |
Saudi Arabia......................... |
9.3 |
|
3.03 |
Current account balance to GDP................................................. |
62. |
.....ν............... |
-10.2 |
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)................................................................. |
20...... |
ν |
............... - 79.2 |
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......................................................... |
56...... |
ν................... |
0.0 |
Multiple (3)............................ |
9.0 |
3.09 |
Aggregate measure of real estate bubbles.................................... |
46...... |
ν................... |
3.6 |
Ireland.................................. |
6.9 |
3.10 |
Tier 1 capital ratio......................................................................... |
59...... |
ν................... |
2.8 |
Ghana................................ |
22.7 |
3.11 |
Output loss during banking crises................................................ |
53...... |
ν................. |
86.0 |
Multiple (20).......................... |
0.0 |
|
Risk of sovereign debt crisis |
|
|
|
|
|
3.12 |
Local currency sovereign rating.................................................... |
60...... |
ν................... |
3.0 |
Multiple (10)........................ |
20.0 |
3.13 |
Foreign currency sovereign rating................................................. |
60...... |
ν................... |
3.0 |
Multiple (10)........................ |
20.0 |
3.14 |
Aggregate macroeconomic indicator............................................ |
60...... |
ν................... |
3.0 |
Peru..................................... |
6.4 |
3.15 |
Manageability of public debt ........................................................ |
61...... |
ν............... |
163.3 |
Kuwait.................................. |
6.2 |
3.16 |
Credit default swap spreads......................................................... |
54...... |
ν............ |
4,371.5 |
Norway.............................. |
36.2 |
|
|
|
|
|
|
|
|
4th pillar: Banking financial services |
|
|
|
|
|
|
Size index |
|
|
|
|
|
4.01 |
Deposit money bank assets to GDP............................................. |
18...... |
ν............... |
129.0 |
Ireland.............................. |
245.1 |
4.02 |
Central bank assets to GDP........................................................... |
8...... |
ν................... |
6.0 |
Brazil.................................. |
18.3 |
4.03 |
Financial system deposits to GDP................................................ |
14...... |
ν............... |
101.7 |
Hong Kong SAR............... |
305.8 |
4.04 |
M2 to GDP................................................................................... |
18...... |
ν............... |
100.8 |
Hong Kong SAR............... |
320.5 |
4.05 |
Private credit to GDP.................................................................... |
24...... |
ν............... |
105.9 |
Denmark.......................... |
229.8 |
4.06 |
Bank deposits to GDP................................................................. |
15...... |
ν............... |
101.7 |
Hong Kong SAR............... |
305.8 |
4.07 |
Money market instruments to GDP................................................ |
7...... |
ν................... |
4.6 |
Ireland................................ |
18.6 |
|
Efficiency index |
|
|
|
|
|
4.08 |
Aggregate profitability indicator.................................................... |
54...... |
ν................... |
3.5 |
Czech Republic.................... |
6.0 |
4.09 |
Bank overhead costs................................................................... |
29...... |
ν................... |
1.9 |
Finland................................. |
0.6 |
4.10 |
Public ownership of banks............................................................. |
1...... |
ν................... |
0.0 |
Multiple (22).......................... |
0.0 |
4.11 |
Bank operating costs to assets.................................................... |
31...... |
ν................... |
2.0 |
Sweden................................ |
0.8 |
4.12 |
Non-performing bank loans to total loans..................................... |
55...... |
ν................. |
14.7 |
Finland................................. |
0.5 |
|
Financial information disclosure |
|
|
|
|
|
4.13 |
Private credit bureau coverage .................................................... |
19...... |
ν................. |
82.4 |
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 ........................................................................ |
37...... |
ν................... |
0.1 |
China................................. |
37.8 |
5.02 |
IPO proceeds amount ................................................................. |
38...... |
ν................... |
0.1 |
Hong Kong SAR................... |
5.1 |
5.03 |
Share of world IPOs..................................................................... |
32...... |
ν................... |
0.2 |
China................................. |
30.2 |
(continued)
134 | The Financial Development Report 2012