Table 2 Variables used for construction of financial development index
Category | Indicator | |
|---|---|---|
Financial Institutions | Financial Markets | |
Depth | Private sector credit to GDP Mutual fund assets to GDP Pension fund assets to GDP Nonbank financial assets to GDP | Stock market capitalization to GDP Stock market total value traded to GDP International debt issues to GDP Outstanding domestic private debt securities to GDP Outstanding domestic public debt securities to GDP |
Access | Bank branches per 100,000 adults ATMs per 100,000 adults Working capital financed by banks | Market capitalization excluding 10 top largest companies to total market capitalization Non-financial corporate bonds to total bonds Investments financed by equity or stock sales |
Efficiency | Bank net interest margin Bank lending-deposit spread Non-investment income to total income Return on assets Return on equity Bank cost to income ratio Bank overhead cost to total assets | Stock market turnover ratio (stocks traded to capitalization) |
Stability | Bank Z-score Non-performing loans to total loans (%) Bank credit to bank deposits Capital to risk weighted assets | Stock price volatility |