Table 2 Correlation coefficients between the main macroeconomic indicators and indicators of financial development, 2002–2020
Indicator | Real GDP dynamics | Industrial output growth rate | Fixed capital investment growth RATE | Growth rate of real disposable income |
|---|---|---|---|---|
Share of commercial bank assets in total banking sector assets | − 0.384 | − 0.283 | − 0.322 | − 0.290 |
Concentration of the banking market (total market share of the three largest banks) | − 0.635 | − 0.292 | − 0.479 | − 0.561 |
Domestic bank credit/GDP | − 0.967 | − 0.593 | − 0.859 | − 0.836 |
Equity capitalization/GDP | 0.852 | 0.580 | 0.886 | 0.732 |
Bond capitalization (state and corporate)/GDP | − 0.638 | − 0.247 | − 0.469 | − 0.536 |
Financial depth (amount of loans, equity and bond capitalization to GDP) | 0.429 | 0.387 | 0.586 | 0.370 |
M2/GDP | − 0.681 | − 0.139 | − 0.546 | − 0.472 |