Skip to main content
Fig. 1 | Financial Innovation

Fig. 1

From: Alternative measure of financial development and investment-cash flow sensitivity: evidence from an emerging economy

Fig. 1

Financial development index pyramid. Following the approach followed by Svirydzenka (2016) first, starting from the bottom of the pyramid in Fig. 1, eight lower level sub-indices are constructed using a list of indicators to measure how deep, accessible, efficient and stable financial institutions and financial markets are. These sub-indices are aggregated into two higher level sub-indices, which measure how developed financial institutions and financial markets are overall. Finally, these two sub-indices are aggregated into the overall measure of financial development index

Back to article page