The 2012 Financial Development Report ranks 62 of the world’s leading financial systems and capital markets, analysing the drivers of financial system development in advanced and emerging economies to serve as a tool for countries to benchmark themselves and establish priorities for reform. The rankings are based on over 120 variables spanning institutional and business environments, financial stability, and size and depth of capital markets, among other factors.
The Report includes contributions from scholars on critical issues such as the regulation of the traditional and shadow banking systems in light of the financial crisis of 2007-2009, as well as the rise of emerging market banks, their importance as foreign investors and how the global financial crisis has allowed these banks to increase their footprint at the regional level. The Report does not attempt to inform current or short-term events, such as the latest developments affecting the eurozone. Rather, it aims to serve decision-makers in developing a balanced perspective as to which aspects of their country’s financial system are most important in the long term and empirically calibrate this view relative to other countries.
The Financial Development Report benefited from the guidance and support of its Industry Partners, with contributions from Actis, Advent International, Barclays, Standard Chartered Bank and Sberbank. The World Economic Forum is also grateful for the participation of New York University, the University of Chicago Booth School of Business and the World Bank. The Report also draws on data taken from a variety of publicly available sources such as the World Bank and the World Economic Forum’s Executive Opinion Survey, a comprehensive annual survey conducted by the World Economic Forum with its Partner Institutes. The Forum’s Global Benchmarking Network, which sponsors related initiatives such as The Global Competitiveness Report, also supported this work. The views expressed in the Report do not necessarily reflect those of the advisers to the project.