GLOBAL financial DEVELOPMENT REPORT 05/06 appendix A 57 MAP A. DEPTH FINANCIAL INSTITUTIONS To approximate financial institutions depth, this map uses domestic private credit to the real sector by deposit money banks as a percentage of local currency gross domestic product (GDP). Data on domestic private credit to the real sector by deposit money banks are from the International Financial Statistics (IFS), line D, published by the International Monetary Fund (IMF). Local currency GDP is also from IFS. The four shades of blue in the map are based on the average value of the variable in 0 : the darker the blue, the higher the quartile of the statistical distribution of the variable. TABLE A.. Depth Financial Institutions Private credit by deposit money banks to GDP (%) Source: Global Financial Development Database, 0 data. a. average by current GDP. World 60 5. 6.. 7.9 6.5 8.7 Developed economies 96. 97 6 8.5 6.5 9.9 Developing economies 9 5.8 8. 5. 7.9. 69. High income 96. 97 6 8.5 6.5 9.9 Upper-middle income 6 8. 5.8 9.8 9.7. 79 Lower-middle income 6.. 8.6 7.9 9.7 6. Low income 7 8.6 5.5 7.9 5.8 7.7 High income: OECD.5 0.6 7. 9. 6.5 9. High income: non-oecd 7 70 59.7 5. 8.5 6.5 68. East Asia and Pacific 5 55.7 8.9 7.... Europe and Central Asia 7 8.9 7...5 57. Latin America and the Caribbean 8.9 5..5.9 08. 0.6 Middle East and North Africa 6.9 8. 9.8 7.9 8.6.7 South Asia 8 6.7 6. 7.9 5.8.9 Sub-Saharan Africa 0. 6. 7.6 7.9 9.9 9.9
58 appendix A GLOBAL financial DEVELOPMENT REPORT 05/06 MAP A. ACCESS FINANCIAL INSTITUTIONS To approximate access to financial institutions, this map uses the percentage of adults (age 5+) who reported having an account at a formal financial institution. The data are taken from the Global Financial Inclusion (Global Findex) Database. The four shades of blue in the map are based on the value of the variable in 0: the darker the blue, the higher the quartile of the statistical distribution of the variable. TABLE A.. Access Financial Institutions Account at a formal financial institution (%, age 5+) Source: Global Financial Development Database, 0 data. a. average by total adult population in 0. World 7 5.7 8..6.7 98. 8. Developed economies 0 86.9 9. 6. 98. 89 Developing economies 07 0. 5.5 0.8.7 89.7 0. High income 0 86.9 9. 6. 98. 89 Upper-middle income 0 6.. 9.9.7 89.7 56.6 Lower-middle income 8. 5..7 77.7 8. Low income 9 6.6..7.7.. High income: OECD 8 9 96. 9. 70. 98. 90.5 High income: non-oecd 77. 80.6 5.8 6. 98. 65. East Asia and Pacific 9 6.8 7.7.7 77.7 5 Europe and Central Asia 0.9..9.7 89.7. Latin America and the Caribbean 0 7.7.7.8 7 8.8 Middle East and North Africa 6.6. 8.8.7 7.7. South Asia 6. 0.. 9 68.5.7 Sub-Saharan Africa 7 7.5 6..7 80..
GLOBAL financial DEVELOPMENT REPORT 05/06 appendix A 59 MAP A. EFFICIENCY FINANCIAL INSTITUTIONS To approximate efficiency of financial institutions, this map uses the spread (difference) between lending rate and deposit interest rate. Lending rate is the rate charged by banks on loans to the private sector, and deposit interest rate is the rate paid by commercial or similar banks for demand, time, or savings deposits. The lending and deposit rates are from IFS, lines 60P and 60L, respectively. The four shades of blue in the map are based on the average value of the variable in 0 : the darker the blue, the higher the quartile of the statistical distribution of the variable. TABLE A.. Efficiency Financial Institutions Bank lending-deposit spread (%) World 8 6.8 6..7.8 5.8 5.7 Developed economies...7.8 7.8. Developing economies 9 7.5 6.7.8.8 5.8 6. High income...7.8 7.8. Upper-middle income 6. 5.9.6.8 5.8 5.6 Lower-middle income 7 7.7 7.. 7 Low income 6 0. 0... 5.8 9. High income: OECD....8 5 High income: non-oecd 5. 5..6.7 7.8 5 East Asia and Pacific 6 6. 5..5.9. Europe and Central Asia 6 6. 5.9..8.5 5.5 Latin America and the Caribbean 6 8. 7..9. 5.8 8. Middle East & North Africa 7 5..8..8 9.. South Asia 5 5. 5.5.6. 8.7 5. Sub-Saharan Africa 9. 8.9 5.8 7.6 Source: Global Financial Development Database, 0 data. a. average by total banking assets.
60 appendix A GLOBAL financial DEVELOPMENT REPORT 05/06 MAP A. STABILITY FINANCIAL INSTITUTIONS To approximate stability of financial institutions, this map uses the Z-score for commercial banks. The indicator is estimated as follows: [ROA + (equity / assets)] / (standard deviation of ROA). Return on assets (ROA), equity, and assets are country-level aggregate figures (calculated from underlying bankby-bank unconsolidated data from Bankscope). The indicator compares the banking system s buffers (returns and capital) with its riskiness (volatility of returns). The four shades of blue in the map are based on the average value of the variable in 0 : the darker the blue, the higher the quartile of the statistical distribution of the variable. TABLE A.. Stability Financial Institutions Bank Z-score World 80 5.. 9.5. 7.6 7 Developed economies 55 7.5 5.9 0.. 7.6 7.6 Developing economies 5.6. 9.. 7.6 6. High income 55 7.5 5.9 0.. 7.6 7.6 Upper-middle income 8.5.8 9.7. 7.6 5. Lower-middle income 6 8. 6. 9.. 7.6 0.7 Low income 0.7 0.5 5.9..8 9.8 High income: OECD 8. 5.7.8. 7.6 8.5 High income: non-oecd 6.5 6.5 7.. 6.7 5.9 East Asia and Pacific 6. 7. 7.9. 9.7 7.7 Europe and Central Asia 0. 8.9 6.6. 9. Latin America and the Caribbean 7 5.. 9...8.6 Middle East and North Africa..6.8 7.6 8. South Asia 8 6 9.9.6 6. 7. 6.9 Sub-Saharan Africa.8.9 7.. 7.6. Source: Global Financial Development Database, 0 data. a. average by total banking assets.
GLOBAL financial DEVELOPMENT REPORT 05/06 appendix A 6 MAP A.5 DEPTH FINANCIAL MARKETS To approximate depth of financial markets, this map uses market capitalization plus the amount of outstanding domestic private debt securities as a percentage of GDP. Market capitalization (also known as market value) is the share price times the number of shares outstanding. Listed domestic companies are the domestically incorporated companies listed on the country s stock exchanges at the end of the year. Listed companies do not include investment companies, mutual funds, or other collective investment vehicles. Data are from & Poor s Global Stock Markets Factbook and supplemental S&P data, and are compiled and reported by the World Development Indicators. The amount of outstanding domestic private debt securities is from table 6A (domestic debt amount) of the Securities Statistics by the Bank for International Settlements. The amount includes all issuers except governments. The four shades of blue in the map are based on the average value of the variable in 00 : the darker the blue, the higher the quartile of the statistical distribution of the variable. TABLE A..5 Depth Financial Markets Stock market capitalization + outstanding domestic private debt securities to GDP (%) Source: Global Financial Development Database, 00 data. a. average by current GDP. World 07 6.5 0.6 55.8 96. 9. Developed economies 5 9. 8. 55.5 9.9 96..6 Developing economies 6 9..9.7.8 96. 7. High income 5 9. 8. 55.5 9.9 96..6 Upper-middle income 50.9 9. 5..8 96. 77. Lower-middle income 8. 6.8 5..8 89.7 50.9 Low income 7 8..6 0.5.8 8. 7 High income: OECD 0. 00.7 55.5 9.9 96.. High income: non-oecd 70.9 59.7 5. 8.5 96. 80. East Asia and Pacific 9 7.9 75 6.5. 96. 9.7 Europe and Central Asia...5.8 86. Latin America and the Caribbean 6 7. 0.5.8 59.6 6. Middle East and North Africa 6. 9..7 9.5 0.7 9.7 South Asia 5. 6..6 7.6 6. Sub-Saharan Africa 5. 6. 5.8 7.7 7.
6 appendix A GLOBAL financial DEVELOPMENT REPORT 05/06 MAP A.6 ACCESS FINANCIAL MARKETS To approximate access to financial markets, this map uses the ratio of market capitalization excluding the top 0 largest companies to total market capitalization. The World Federation of Exchanges (WFE) provides data on the exchange level. This variable is aggregated up to the country level by taking a simple average over exchanges. The four shades of blue in the map are based on the average value of the variable in 0 : the darker the blue, the higher the quartile of the statistical distribution of the variable. TABLE A..6 Access Financial Markets Market capitalization excluding top 0 companies to total market capitalization (%) Source: Global Financial Development Database, 0 data. a. average by stock market capitalization. World 8.6 7. 0. 7.8 7.8 5 Developed economies 7. 6.5 7.8 7.7 50.5 Developing economies 7.9 5.9 6.7 9 7.8 5.8 High income 7. 6.5 7.8 7.7 50.5 Upper-middle income 5 5..8 7.6 9 7.8 50.9 Lower-middle income 6 5. 57..5 9.6 70 5.5 Low income 0 High income: OECD 9.5 7. 7.8 7. 7.7 High income: non-oecd 8 9.9.8 7.8 7.7 55. East Asia and Pacific 5 6 59.7 7.7 56. 7.7 6.8 Europe and Central Asia 7 8 7.5 9 5.9 8.7 Latin America and the Caribbean 6 8. 8.5 0. 55.. Middle East and North Africa 7. 9.7.8 9.6 5.9.6 South Asia 6 6 8.5 58 70 66. Sub-Saharan Africa 58. 58...8 7.8 6
GLOBAL financial DEVELOPMENT REPORT 05/06 appendix A 6 MAP A.7 EFFICIENCY FINANCIAL MARKETS To approximate efficiency of financial markets, this map uses the total value of shares traded during the period divided by the average market capitalization for the period. Average market capitalization is calculated as the average of the end-of-period values for the current period and the previous period. Data are from & Poor s Global Stock Markets Factbook and supplemental S&P data, and are compiled and reported by the World Development Indicators. The four shades of blue in the map are based on the average value of the variable in 00 : the darker the blue, the higher the quartile of the statistical distribution of the variable. TABLE A..7 Efficiency Financial Markets Stock market turnover ratio (%) World 06.8.6. 0.. 5. Developed economies 5 5.7 5. 0.. 69.5 Developing economies 6 0. 5..6 0.. 9.8 High income 5 5.7 5. 0.. 69.5 Upper-middle income. 5.5 8.9 0.8. 5.5 Lower-middle income.5. 7.9 0. 6. 9.7 Low income 7 6.9.5 5.6 0. 97.5 High income: OECD 6.5 66.5 0.. 7. High income: non-oecd 0.8.8. 0. 5. 66. East Asia and Pacific 9 9.9 8.6 6. 0.5..9 Europe and Central Asia 0.9.9.9 0...9 Latin America and the Caribbean 5 0. 7.5 0. 67.5 7.7 Middle East and North Africa 6 8. 6. 0.8 7.8 8. 7. South Asia 5.9. 8.6 97.5.9 Sub-Saharan Africa 8.. 5. 0. 56..7 Source: Global Financial Development Database, 00 data. a. average by stock market capitalization.
6 appendix A GLOBAL financial DEVELOPMENT REPORT 05/06 MAP A.8 STABILITY FINANCIAL MARKETS To approximate stability of financial markets, this map uses the 60-day standard deviation of the return on the national stock market index. Data are from Bloomberg. To visualize a country in the distribution, the ranking of stock market index volatility during 0 is reversed to show higher stability as darker colors. TABLE A..8 Stability Financial Markets Stock price volatility World 85 7. 7. 5.7 7.5 8.5 9. Developed economies 8 8. 8.8 5. 8. 8.5 9. Developing economies 7 6. 5.8 6 7.5 8.5 8. High income 8 8. 8.8 5. 8. 8.5 9. Upper-middle income 5.9 5.8 5.8 7.5 7. 8. Lower-middle income 7.8 7.7 6. 8.5 8.5 8.6 Low income 9. 9.. 7.8 0.8 0.7 High income: OECD 9 0. 9.6. 8.9 8.5 9.6 High income: non-oecd 9.6.7.9 8. 0.5 9 East Asia and Pacific 8 8.8 9.6. 9..8 7.7 Europe and Central Asia 8.9 7. 5. 0.5 8.5. Latin America and the Caribbean 0 6.6 6. 6.8 7.5 7. 9. Middle East and North Africa 6.7 0. 7. 8. 7.6. South Asia 5.8 5.5.8. 7.8 7. Sub-Saharan Africa 8.6 0.. 7.5 9.5 5. Source: Global Financial Development Database, 0 data. a. average by total value of stocks traded.