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The Financial Development Report 2011 the Terms Country and Nation As Used in This World Economic Forum USA Inc Insight Report The Financial Development Report 2 011 World Economic Forum World Economic Forum USA Inc. Geneva, Switzerland New York, USA The Financial Development Report 2011 The terms country and nation as used in this World Economic Forum USA Inc. report do not in all cases refer to a territorial Copyright © 2011 entity that is a state as understood by inter- by the World Economic Forum USA Inc. national law and practice. The terms cover well-defined, geographically self-contained All rights reserved. No reproduction, copy or economic areas that may not be states but transmission of this publication may be made for which statistical data are maintained on a without written permission. separate and independent basis. No paragraph of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, or otherwise without the prior permission of the World Economic Forum. ISBN-10: 92-95044-59-2 ISBN-13: 978-92-95044-59-3 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. A catalogue record for this book is available from the British Library. A catalogue record for this book is available from the Library of Congress. Contents Contributors v Part 2: Country/Economy Profiles 69 How to Read the Country/Economy Profiles ................................71 Academic Advisors vii List of Countries/Economies .........................................................73 Country/Economy Profiles .............................................................74 Preface ix by Klaus Schwab Part 3: Data Tables 315 How to Read the Data Tables .....................................................317 Foreword xi Index of Data Tables ...................................................................319 by Kevin Steinberg and Giancarlo Bruno Data Tables ..................................................................................321 Executive Summary xiii Technical Notes and Sources 393 About the Authors 403 Part 1: Findings from the Financial 1 Development Index 2011 Partner Institutes 407 1.1: The Financial Development Index 2011: 3 Striving to Finance Economic Growth by Isabella Reuttner and Todd Glass Appendix A: Structure of the Financial 31 Development Index 2011 Appendix B: Commercial access and 34 corporate governance scores, 2008 vs. 2011 1.2: Benchmarking Financial Development: 35 Challenges and Solutions by Augusto de la Torre, Erik Feyen, and Alain Ize 1.3: Financial Development in the Aftermath 47 of the Global Crisis by Subir Lall 1.4: Reforming the US Housing Finance System 55 by Viral V. Acharya, Stijn Van Nieuwerburgh, Matthew Richardson, and Lawrence J. White Contributors Contributors EDITOR EXPERT COMMITTEE* Isabella Reuttner, Senior Project Manager, World Economic Forum Giancarlo Bruno, Director, World Economic Forum USA Chris Coles, Partner, Actis PROJECT TEAM Michael Drexler, Senior Director, World Economic Forum USA Todd Glass, Project Associate, World Economic Forum USA Reto Kohler, Head of Strategy, Corporate and Investment Banking Marc Wagner, Project Manager, World Economic Forum USA and Wealth Management, Barclays Gerard Lyons, Chief Economist and Group Head of Global PROJECT ADVISORS Research, Standard Chartered James Bilodeau, Associate Director and Head of Emerging Mthuli Ncube, Chief Economist and Vice President, Markets Finance, World Economic Forum USA African Development Bank Margareta Drzeniek Hanouz, Director, Senior Economist, Raghuram Rajan, Eric J. Gleacher Distinguished Service World Economic Forum Professor of Finance, The University of Chicago Booth School Thierry Geiger, Associate Director, Economist, of Business World Economic Forum Nouriel Roubini, Professor of Economics and International Business, Leonard N. Stern School of Business, New York CONTRIBUTORS University and Chairman, Roubini Global Economics Viral Acharya, Professor of Finance, Leonard N. Stern School of Kevin Steinberg, Chief Operating Officer, Business, New York University, USA World Economic Forum USA Erik Feyen, Senior Financial Economist, Financial Systems Augusto de la Torre, Chief Economist for Latin America and v Practice, World Bank the Caribbean, World Bank Alain Ize, Consultant for Latin America and the Caribbean, Ksenia Yudaeva, Director of the Macroeconomic Research World Bank Center, Sberbank Subir Lall, Division Chief, International Monetary Fund (IMF), Washington DC Matthew Richardson, Professor of Applied Economics, Leonard N. Stern School of Business, New York University, USA We thank Hope Steele for her superb editing work and Neil Weinberg for his excellent graphic design and layout. We would Augusto de la Torre, Chief Economist for Latin America and also like to thank Chris Ryan and Asaf Farashuddin for their assis- the Caribbean, World Bank tance in assembling data for this Report. Stijn Van Nieuwerburgh, Associate Professor of Finance, We would like to thank Dealogic, IHS Inc. and Thomson Reuters for Leonard N. Stern School of Business, New York University, USA their generous contribution of data for this Report. Lawrence White, Professor of Economics and Deputy Chair of the Economics Department, Leonard N. Stern School of Business, New York University, USA * The Forum is grateful for the support of the Industry Partners who served on the Expert Committee. Any findings contained in the Report are solely the view of the Report’s authors and do not reflect the opinions of the Expert Committee members. FROM THE WORLD ECONOMIC FORUM Kevin Steinberg, Chief Operating Officer, Contributors World Economic Forum USA† Michael Drexler, Senior Director and Head of Investors Industry† Giancarlo Bruno, Director and Head of Financial Services Industry† Abel Lee, Associate Director and Head of Insurance and Asset Management† Trudy Di Pippo, Associate Director† Anuradha Gurung, Associate Director† Irwin Mendelssohn, Associate Director† Kerry Wellman Jaggi, Associate Director† Lisa Donegan, Senior Community Manager† Nadia Guillot, Senior Community Manager Andre Belelieu, Project Manager† Tik Keung, Project Manager† Elisabeth Bremer, Senior Community Associate† Amy Cassidy, Team Coordinator† Alexandra Hawes, Team Coordinator† Dena Stivella, Team Coordinator† Centre for Global Competitiveness and Performance Jennifer Blanke, Senior Director, Lead Economist, Head of the Centre for Global Competitiveness and Performance Beñat Bilbao-Osorio, Associate Director, Economist Ciara Browne, Associate Director Roberto Crotti, Junior Quantitative Economist vi Tania Gutknecht, Senior Community Associate Satu Kauhanen, Coordinator † Employees of the World Economic Forum USA. Academic Advisors Academic Advisors Mario Blejer Universidad Torcuato di Tella Thorsten Beck Tilburg University Richard Cooper Harvard University Erik Feyen The World Bank Luc Laeven International Monetary Fund Ross Levine Brown University Subir Lall International Monetary Fund Maria Soledad Martinez Peria The World Bank Sergio Schmukler vii The World Bank Luigi Zingales University of Chicago The Forum is grateful for the support of the Academic Advisors who contributed to the Report. Any findings contained in the Report are solely the views of the Report’s authors and do not reflect the opinions of the Academic Advisors. Preface Preface KLAUS SCHWAB, Executive Chairman, World Economic Forum The fourth edition of The Financial Development Report work included numerous interviews and collaborative comes at a time when the world appears to be mov- sessions to discuss the findings, and their implications, of ing from crisis to crisis. Many of the underlying issues the Index as well as possible modifications to its design. that emerged as a result of the US subprime crisis have Other complementary publications from the World yet to be fully addressed, and new threats seem to arise Economic Forum include The Global Competitiveness at an unimaginable speed. The urgency with which Report, The Global Enabling Trade Report, The Global policymakers need to respond in order to contain the Gender Gap Report, The Global Information Technology fallout is increasing daily. A lack of financial stability, Report, and The Travel & Tourism Competitiveness Report. particularly with respect to unsustainable public debt We would like to express our gratitude to our levels and high unemployment, is probably the critical industry partners and the academic experts who served issue responsible for these turbulent times. Ultimately, on the project’s Expert Committee: Giancarlo Bruno, many of the underlying problems can be addressed only Director, World Economic Forum USA; Chris Coles, by sustainable economic growth. Therefore, the need to Partner, Actis; Michael Drexler, Senior Director, World create an enabling environment that allows for sustain- Economic Forum USA; Reto Kohler, Head of Strategy, able growth is of equal, if not more, importance than Corporate and Investment Banking and Wealth financial stability. Management, Barclays; Gerard Lyons, Chief Economist There is considerable hope riding on emerging and Group Head of Global Research, Standard ix economies’ ability to provide growth until advanced Chartered; Mthuli Ncube, Chief Economist and Vice economies are back on the recovery track. However, President, African Development Bank; Raghuram many emerging nations are still partially dependent on Rajan, Eric J. Gleacher Distinguished Service Professor the financial systems of advanced economies. For ex- of Finance, The University of Chicago Booth School
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