The Financial Development report 2012
.pdfInsight Report
The Financial Development Report 2012
World Economic Forum |
World Economic Forum USA Inc. |
Geneva, Switzerland |
New York, USA |
The Financial Development Report 2012
The terms country and nation, as used in this Report, do not in all cases refer to a territorial entity that is a state as understood by international law and practice. The terms cover well-defined, geographically self-contained economic
areas that may not be states but for which statistical data are maintained on a separate and independent basis.
World Economic Forum USA Inc.
Copyright © 2012
by the World Economic Forum USA Inc.
All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission.
No paragraph of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, or otherwise without the prior permission of the World Economic Forum.
ISBN-10: 92-95044-39-8
ISBN-13: 978-92-95044-39-5
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 |
|
|
Academic Advisors |
vii |
|
|
Preface |
ix |
by Klaus Schwab |
|
|
|
Foreword |
xi |
by Kevin Steinberg and Giancarlo Bruno |
|
|
|
Executive Summary |
xiii |
|
|
Part 1: Findings from the Financial |
1 |
Development Index 2012 |
|
|
|
1.1: The Financial Development Index 2012: |
3 |
Stalled Recovery—In Search of Growth |
|
by Isabella Reuttner and Todd Glass |
|
Appendix A: Structure of the Financial |
36 |
Development Index 2012 |
|
|
|
1.2: Drawing Boundaries Around and |
39 |
Through the Banking System |
|
by Darrell Duffie |
|
|
|
1.3: Branching Out: The Rise of Emerging |
47 |
Market Banks |
|
by Neeltje van Horen |
|
Part 2: Country/Economy Profiles |
55 |
How to Read the Country/Economy Profiles |
....................... 57 |
List of Countries/Economies............................................... |
59 |
Country/Economy Profiles.................................................. |
60 |
Part 3: Data Tables |
309 |
How to Read the Data Tables ........................................... |
311 |
Index of Data Tables ......................................................... |
313 |
Data Tables....................................................................... |
315 |
Technical Notes and Sources |
385 |
About the Authors |
399 |
Partner Institutes |
401 |
The Financial Development Report 2012 | iii
Contributors
EDITOR
Isabella Reuttner, Associate Director, World Economic Forum
PROJECT TEAM
Todd Glass, Project Associate, World Economic Forum USA
PROJECT ADVISORS
Margareta Drzeniek Hanouz, Director, Senior Economist,
World Economic Forum
Thierry Geiger, Associate Director, Economist,
World Economic Forum
Michael Koenitzer, Associate Director, Head of Project Management, World Economic Forum USA
CONTRIBUTORS
Darrell Duffie, Dean Witter Distinguished Professor of
Finance, Stanford Graduate School of Business
Neeltje van Horen, Senior Economist,
De Nederlandsche Bank
EXPERT COMMITTEE*
Giancarlo Bruno, Senior Director,
World Economic Forum USA
Chris Coles, Partner, Actis
Michael Drexler, Senior Director,
World Economic Forum USA
Patrice Etlin, Managing Partner, Advent International
Reto Kohler, Head of Strategy, Corporate and Investment Banking and Wealth Management, Barclays
Gerard Lyons, Chief Economist and Group Head of Global Research, Standard Chartered
Raghuram Rajan, Eric J. Gleacher Distinguished Service Professor of Finance, The University of Chicago Booth School of Business
Nouriel Roubini, Professor of Economics and International Business, Leonard N. Stern School of Business, New York University and Chairman, Roubini Global Economics
Kevin Steinberg, Chief Operating Officer, World Economic
Forum USA
Augusto de la Torre, Chief Economist for Latin America and the Caribbean, World Bank
Ksenia Yudaeva, Director of the Macroeconomic Research
Center, Sberbank
We thank Gilly Nadel for her superb editing work and Tim Bruce and Lowercase, Inc. for their excellent graphic
design and layout. We would also like to thank Chris Ryan, Boripat Louichareon, Martin Cihak, and Zbyszko Tabernacki for their assistance in assembling data for this Report.
We would like to thank Dealogic, the IHS World Industry Service team, and Thomson Reuters for their generous contribution of data for this Report.
* 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.
The Financial Development Report 2012 | v
Contributors
FROM THE WORLD ECONOMIC FORUM
Kevin Steinberg, Chief Operating Officer, World Economic
Forum USA†
Giancarlo Bruno, Senior Director, Head of Financial
Services Industry†
Michael Drexler, Senior Director, Head of Investors
Industry†
Matthew Blake, Associate Director, Head of Banking
and Capital Markets†
Michael Koenitzer, Associate Director, Head of
Project Management†
Abel Lee, Associate Director, Head of Insurance and
Asset Management†
Maha Eltobgy, Associate Director, Head of
Private Investors†
Irwin Mendelssohn, Associate Director†
Abigail Noble, Associate Director†
Isabella Reuttner, Associate Director
Andre Belelieu, Senior Community Manager†
Lisa Donegan, Senior Community Manager†
Nadia Guillot, Senior Community Manager
Tik Keung, Project Manager†
Elisabeth Bremer, Senior Community Associate†
Amy Cassidy, Senior Team Coordinator†
Alexandra Hawes, Senior Team Coordinator†
Todd Glass, Project Associate†
Peter Gratzke, Project Associate†
Megan O’Neill, Team Coordinator†
Dena Stivella, Team Coordinator†
The Global Benchmarking Network
Jennifer Blanke, Senior Director, Lead Economist, Head of The Global Benchmarking Network
Margareta Drzeniek Hanouz, Director, Senior
Economist, Head of Competitiveness Research
Beñat Bilbao-Osorio, Associate Director, Senior Economist
Ciara Browne, Associate Director
Thierry Geiger, Associate Director, Economist
Roberto Crotti, Quantitative Economist
Tania Gutknecht, Community Manager
Caroline Ko, Junior Economist
Cecilia Serin, Team Coordinator
† Employees of the World Economic Forum USA.
vi | The Financial Development Report 2012
Academic Advisors
Thorsten Beck
Tilburg University
Erik Feyen
The World Bank
Leora Klapper
The World Bank
Luc Laeven
International Monetary Fund
Maria Soledad Martinez Peria
The World Bank
Sergio Schmukler
The World Bank
Laura Tyson
University of California, Berkeley
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.
The Financial Development Report 2012 | vii