PS 21gb POLICY RESEARCH WORKING PAPER 2146 A New Database on This new database of indicators of financial Financial Development development and structure and Structure across countries and over time unites a range of indicators that measure the Thorsten Beck size, activity, and efficiency of Asli Demirgiiu-Kunt financial intermediaries and Ross Levine markets. The World Bank Development Research Group Finance July 1999 l PoticY RESEARCH WORKING PAPER 2146 Summary findings Beck, Demirguc-Kunt, and Levine introduce a new The compiled data permit the construction of financial database of indicators of financial development and structure indicators to measure whether, for example, a structure across countries and over time. country's banks are larger, more active, and more This database is unique in that it unites a variety of efficient than its stock markets. These indicators can then indicators that measure the size, activity, and efficiency be used to investigate the empirical link between the of financial intermediaries and markets. legal, regulatory, and policy environment and indicators It improves on previous efforts by presenting data on of financial structure. They can also be used to analyze the public share of commercial banks, by introducing the implications of financial structure for economic indicators of the size and activity of nonbank financial growth. institutions, and by presenting measures of the size of Beck, Demirgui-Kunt, and Levine describe the sources bond and primary equity markets. and construction of, and the intuition behind, different indicators and present descriptive statistics. This paper - a product of Finance, Development Research Group - is part of a broader effort in the group to understand the determinants of financial structure and its importance to economic development. Copies of the paper are available free from the World Bank, 1818 H Street NW, Washington, DC 2043 3. Please contact Kari Labrie, room MC3-456, telephone 202-473-1001, fax 202-522-1155, Internet address klabrie@worldbank.org. Policy Research Working Papers are also posted on the Web at http://wwv.worldbank.org/html/dec/Publications/Workpapers/home.html. The authors may be contacted at tbeck@worldbank.org, ademirguckunt@worldbank.org, or rlevine@csom.umn.edu. July 1999 (63 pages). |The Policy Research IWorking Paper Seoes disseminates the findings of work in progress to encourage the exchange of ideas aeout |development issuies. An ob jective of the series is to get the findings out quickly, even if tbe presentations are less than fully polisbed. The papers carry tbe names of the autbors, and sbould be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the view of the World Bank, its Executive Directors, or the countries they represent. Produced by the Policy Research Dissemination Center A New Database on Financial Development and Structure Thorsten Beck, Asli Demirgfiu-Kunt, and Ross Levine Abstract: This paper introduces a new database of indicators of financial development and structure across countries and over time. This database is unique in that it unites a wide variety of indicators that measure the size, activity and efficiency of financial intermediaries and markets. It improves on previous efforts by presenting data on the public share of commercial banks, by introducing indicators of the size and activity of nonbank financial institutions and by presenting measures of the size of bond and primary equity markets. This paper describes the sources, the construction and the intuition for the different indicators and presents descriptive statistics. Beck: The World Bank; Demirgu,c-Kunt: The World Bank; Levine: Carlson School of Management, University of Minnesota. We are grateful to Joe Attia and Ian Webb for technical assistance and to Gerard Caprio for comments. l I. Introduction A recent and expanding literature establishes the importance of financial development for economic growth.' Measures of the size of the banking sector and the size and liquidity of the stock market are highly correlated with subsequent GDP per capita growth. Moreover, emerging evidence suggests that both the level of banking sector development and stock market development exert a causal impact on economic growth.2 Recent financial crises in South East Asia and Latin America further underline the importance of a well-functioning financial sector for the whole economy. This paper introduces a new database that for the first time allows financial analysts and researchers a comprehensive assessment of the development, structure and performance of the financial sector. This database provides statistics on the size, activity and efficiency of various financial intermediaries and markets across a broad spectrum of countries and through time. The database will thus enable financial analysts and researchers to compare the level of financial development and the structure of the financial sector of a specific country with that of other countries in the region or countries with a similar GDP per capita level. It allows comparisons of financial systems for a given year and over time. Previously, financial analysts and researchers have relied on a few indicators of the banking sector and the stock market, using data from the IMF's International Financial Statistics and the IFC's Emerging Market Database. This new database draws on a wider array of sources ' For an overview over this literature see Levine (1997). 2See King and Levine (1993a,b) and Levine and Zervos (1998) for correlation and Levine, Loayza and Beck (1999), Beck, Levine and Loayza (1999), Neusser and Kugler (1998) and Rousseau and Wachtel (1998) for evidence on causality. Also, Demirguc-Kunt and Maksimovic (1998) show that firms in countries with an active stock market and large banking sector grow faster than predicted by individual firm characteristics. Rajan and Zingales (1998) show that industries that rely more heavily on external finance grow faster in countries with better-developed financial systems. 2 and constructs indicators of the size, activity and efficiency of a much broader set of financial institutions and markets. Specifically, this database uses bank-specific data to construct indicators of the market structure and efficiency of commercial banks. Furthermore, this is the first systematic compilation of data on the split of public vs. private ownership in the banking sector. This database is the first attempt to define and construct indicators of the size and activity of nonbank financial intermediaries, such as insurance companies, pension funds, and non- deposit money banks. Finally, this database is the first to include indicators of the size of primary equity markets and primary and secondary bond markets. This results in a unique set of indicators that capture the development and structure of the financial sector across countries and over time along many different dimensions. The remainder of the paper is organized as follows. Section II presents and discusses indicators of the size and activity of financial intermediaries. Section III introduces indicators of the efficiency and market structure of commercial banks. In section IV we define indicators of the size and activity of other financial institutions. Stock and bond market indicators are introduced in section V. Each section presents the indicators, the sources and the sample, and the variance of the indicators across income groups of countries. Section VI offers concluding remarks. Table I provides an overview of all indicators with cross-country and time-series coverage. The appendix presents the sources and construction of the measures. II. The Size and Activity of Financial Intermediaries A first set of measures compares the size and activity of central banks, deposit money banks and other financial institutions relative to each other and relative to GDP. We use data 3 from the IMF's International Financial Statistics (IFS) to construct these indicators. The data cover the period from 1960 to 1997 and 175 countries. This section (1) describes the three different groups of financial intermediaries, (2) presents the different measures, (3) defines the deflating procedure, and (4) presents some regularities of financial development over time and across countries. A. Groups of Financial Institutions The indicators in this section distinguish between three groups of financial institutions: central banks, deposit money banks and other financial institutions?. The three groups are defined as in the International Financial Statistics (IFS). The first group comprises the central bank and other institutions that perform functions of the monetary authorities.4 The second group, deposit money banks, comprises all financial institutions that have "liabilities in the form of deposits transferable by check or otherwise usable in making payments" [IMF 1984, 29]. The third group - other financial institutions - comprises other banklike institutions and nonbank financial institutions. These are institutions that serve as financial intermediaries, while not incurring liabilities usable as means of payment. Other banklike institutions comprise (i) institutions that accept deposits, but do not provide transferable deposit facilities, (ii) intermediaries that finance themselves mainly through issuance of negotiable bonds, (iii) development banks, and (iv) offshore units. Nonbank financial institutions include insurance companies, provident and pension funds, trust and custody accounts, real investment schemes, 3 For a detailed description of the three financial sectors see IMF (1984). The three groups correspond to lines 12, 22, and 42 of the IFS. 4 other pooled investment schemes, and compulsory savings schemes. Whereas data on other banklike institutions are usually current and complete, only fragmentary data are available for nonbank financial institutions. We distinguish between two different balance sheet items: total claims on domestic nonfinancial sectors (lines a through d) and claims on the private sector (line d).5 In the following we will denote the first with "assets" and the second with "private credit". Whereas "assets" refers to total domestic financial intermediation that the respective intermediary performs, "private credit" captures the financial intermediation with the private nonfinancial sector. For both measures, we exclude claims on central banks, deposit money banks and other financial institutions (lines e through g) and therefore any cross-claims of one financial sector on another. B. Measures of Size of Financial Intermediaries We present two groups of size indicators. The relative size indicators measure the importance of the three financial sectors relative to each other, the absolute size indicators measure their size relative to GDP. 1. Relative size measures The first three indicators are only presented if there are data available on all three financial sectors. These indicators are: - Central Bank Assets to Total Financial Assets 4 Exchange stabilization funds are the most typical case of monetary authority functions that are performed separately from the central banks' balance sheets. Furthermore, the central bank miight perform commercial banking tasks. Where possible, these are excluded from the central bank balance sheets when reported in the IFS. 5 - Deposit Money Banks Assets to Total Financial Assets - Other Financial Institutions Assets to Total Financial Assets where Total Financial Assets are the sum of central bank, deposit money banks and other financial institutions assets. Since these measures are calculated only if there are data available for all three categories, we construct an alternative indicator that measures the relative importance of deposit money banks relative to central banks, Deposit Money vs. Central Bank Assets. This measure has been used as a measure of financial development by, among others, King and Levine (I 993a,b) and Levine, Loayza, and Beck (1998) and equals the ratio of deposit money banks assets and the sum of deposit money and central bank assets. 2. Absolute Size Measures The following three indicators measure the size of the three financial sectors relative to GDP: - Central Bank Assets to GDP - Deposit Money Banks Assets to GDP - Other Financial Institutions Assets to GDP These measures give evidence of the importance of the financial services performed by the three financial sectors relative to the size of the economy. The assets include claims on the whole nonfinancial real sector, including government, public enterprises and the private sector. Since many researchers have focused on the liability side of the balance sheet, we include a measure of absolute size based on liabilities. Liquid Liabilities to GDP equals currency plus 5In ithe case of other financial institutions we also include line 42h, claims on real estate in total claims on domestic nonfinancial sectors and in private credit. 6 demand and interest-bearing liabilities of banks and other financial intermediaries divided by GDP. This is the broadest available indicator of financial intermedation, since it includes all three financial sectors. For the numerator we use either line 551 or, where not available, line 351. Whereas line 351 includes monetary authorities and deposit money banks, line 551 also includes other banking institutions, as defined by the IMF. Line 351 is often also referred to as M2. Liquid Liabilities is a typical measure of financial "depth" and thus of the overall size of the financial sector, without distinguishing between the financial sectors or between the use of liabilities. C Measures of Activity of Financial Intermediaries While the size measures do not distinguish whether the claims of financial intermediaries are on the public or the private sector, the following two indicators concentrate on claims on the private sector. - Private Credit by Deposit Money Banks to GDP - Private Credit by Deposit Money Banks and Other Financial Institutions to GDP Whereas the first equals claims on the private sector by deposit money banks divided by GDP, the second includes claims by both deposit money banks and other financial institutions. Both measures isolate credit issued to the private sector as opposed to credit issued to governments and public enterprises. Furthermore, they concentrate on credit issued by intermediaries other than the central bank. They are the measures of the activity of financial intermediaries in one of its main function: channeling savings to investors. Both indicators have been used by researchers, the first by Levine and Zervos (1998), and the second by Levine, Loayza and Beck (1999) and Beck, Levine, and Loayza (1999). 7 D. A Note on Deflating We can distinguish between two groups of measures depending on the denominator. The first group consists of ratios of two stock variables, whereas the measures in the second group are ratios of a stock variable and a flow variable, specifically GDP. Whereas stock variables are measured at the end of a period, flow variables are defined relative to a period. This presents problems in the second group of indicators, both in terms of correct timing and in terms of deflating correctly. To address these problems, we deflate the end-of-year financial balance sheet items FD by end-of-year consumer price indices (CPI) and deflate the GDP series by the annual CPI.6 Then, we compute the average of the real financial balance sheet item in year t and t- 1 and divide this average by real GDP measured in year t. The end-of year CPI is either the value for December or, where not available, the value for the last quarter. The formula is the following. 0.*CFD, FD,1 O'Stcp/' + ('PI, -'Ie,t ' e,t-.l GDP (1) c.PIa where e indicates end-of-period and a average for the period. E. Financial Intermediary Development across Income Groups and Time 6 For the CPI numbers we use line 64 and for GDP line 99b from the IFS. 8 As exhibited by graphs 1 -3, our indicators of financial intermediary development show considerable variation across countries and time.7 Graph I shows that central banks loose relative importance as we move from low- to high-income countries, whereas other financial institutions gain relative importance. Deposit money banks gain importance versus Central Banks with a higher income level.8 As can be seen in graph 2, financial depth, as measured by Liquid Liabilities to GDP, increases with the income level. Deposit money banks and other financial institutions are bigger and more active in richer countries, whereas central banks are smaller. Graph 3 shows that Liquid Liabilities to GDP and Private Credit by Deposit Money Banks to GDP have increased constantly since the 60s. Central Bank Assets to GDP first increased from the 60s to the 80s and then decreased again in the 90s. Deposit Money Banks vs. Central Bank Assets first increased and then decreased over time, a result mainly driven by low-income countfies. Ill. Efficiency and Market Structure of Commercial Banks This section provides indicators of the efficiency and market structure of commercial banks.9 The data were collected from individual banks' balance sheets provided by IBCA's Bankscope database and from individual country sources such as central bank and supervisory 7 To assess the size and activity of financial intermediaries across countries, we use the World Bank classification of countries according to their income levels (World Development Indicators 1998). We can distinguish between four country groups; high income countries with a GNP per capita in 1997 higher than $9,656, upper middle income countries with a GNP per capita between $3,126 and $9,655, lower middle income countries with a GNP per capita between $786 and $3,125 and low income countries with a GNP per capita of less than $786. 8 We use medians for the four income groups to avoid the impact of outliers. 9 The classifications "conumercial" and "deposit money banks" are close, but not exactly the same. Whereas IFS defines deposit money banks consistently across countries, Bankscope uses country-specific definitions of commercial banks. 9 body publications.10 We first present two efficiency measures of commercial banks. Then we define several indicators of market structure, in terms of concentration, foreign bank penetration and public vs. private ownership. Finally, sources and coverage are presented and some evidence on the efficiency and market structure across countries. A. Measures of Efficiency One of the main functions of financial intermediaries is to channel finds from savers to investors. We construct two potential measures of the efficiency with which commercial banks perform this function. The net interest margin equals the accounting value of a bank's net interest revenue as a share of its total assets."1 Overhead cost equals the accounting value of a bank's overhead costs as share of its total assets. Unlike in the previous section, we do not deflate numerator and denominator of these two measures, although they are ratios of a flow and a stock variable and therefore measured at different points of time, for several reasons. First, unlike for macroeconomic variables, there is no obvious deflator for individual banks' assets and income flows. Second, unlike macroeconomic variables and financial sector assets, bank-individual flows and stocks are directly related. Third, financial assets and flows are not the product of quantity times price, as is the GDP. Finally, we would lose around 25% of the observations. 12 10 Unfortunately the coverage of Bankscope is less than 100% of most countries' banking sector. This poses relatively few problems in the case of the efficiency measures, but more so in the case of the measures of market structure, as discussed below. "' Ex-post spreads are preferable to ex-ante spreads, since the latter reflect the perceived loan risk, so that different levels of risk faced by bankers distort these spread. Ex-post spreads also pose some problems though. So might interest income and loan loss reserving associated with a particular loan incur in different periods. See Demirguii- Kunt and Huizinga (1998). 12 We also calculated numbers deflated by the CPI. The correlation between the deflated numbers and the nominal numbers is 91% in the panel and 96% in the cross-section. 10 B. Measures of Market Structure Here we collect and present data on the concentration of commercial banks, foreign bank penetration and public vs. private ownership of commercial banks. We use a concentration measure that is defined as the ratio of the three largest banks' assets to total banking sector assets. A highly concentrated commercial banking sector might result in lack of competitive pressure to attract savings and channel them efficiently to investors. A highly fragmented market might be evidence for undercapitalized banks. We present two measures of foreign bank penetration: the foreign bank share (number), which equals the number of foreign banks in total banks, and the foreign bank share (assets), which equals the share of foreign bank assets in total banking sector assets.13 Clasessens, Demirgu,c-Kunt and Huizinga (1997) show that an increase in foreign bank penetration leads to lower profitability and overhead expenses for banks. Demirgu,c-Kunt, Levine, and Min (1998) show that higher foreign-bank penetration enhances economic growth by boosting domestic banking efficiency. A bank is defined as foreign if at least 50% of the equity is owned by foreigners. Public vs. private ownership has become an increasingly important issue for both researchers and policy makers, not only in the banking sector, but also for the whole economy. 14 This database includes the first compilation of panel data on the public ownership of commercial banks. Public Share equals the share of publicly owned commercial bank assets in total 1 Both foreign bank indicator and the concentration measure might be biased upwards for developing countries, if foreign and large banks are more likely to report than domestic and smaller banks. There is an additional caveat concerning the two foreign penetration measures: since a bank is defined as foreign if it was foreign in 1998, take- overs of domestic banks by foreign banks are not taken into account. 14 See Demirgu-Kunt and Levine (1996). 11 commercial bank assets. A bank is defined as public if at least 50% of the equity is held by the government or a public institution. C Sources and Coverage Data on the net interest margin, overhead costs, concentration and foreign bank penetration use income statements and balance sheet data of commercial banks from the Bank Scope Database provided by IBCA. Data are available for 137 countries and for the years since 1990.To ensure a reasonable coverage, only countries with at least three banks in a given year are included. Although on average around 90% of the banking sector assets in a given country and year are covered in IBCA, the possibility of sampling error and bias should not be underestimated. Net interest margin and overhead costs are calculated as averages for a country in a given year. Whereas for the two efficiency measures we use only unconsolidated balance sheets, we use both unconsolidated and consolidated balance sheets for the concentration index and the foreign bank penetration measures. 15 Data on public vs. private ownership are from Bankscope, Gardener and Molyneux (1990) and individual country sources, such as central bank or supervisory body publications. 16 Data are available for 41 developed and developing countries and for selected years in the 80s and 90s. Numbers from Bankscope were double-checked with estimates from other sources. D. The Efficiency and Market Structure of Commercial Banks across Income Groups IS We use unconsolidated balance sheets for the efficiency measures to insure consistency. In the case of the concentration index and the measures of foreign bank penetration we want to maximize the number of banks. 16 See the appendix for the listing of sources. 12 As can be seen in graph 4, commercial banks are more efficient in high and upper-middle income countries. There is also a negative correlation between the income level and the concentration of the commercial banking sector. There is a higher degree of foreign bank penetration in low and lower-middle income countries both in terms of number and assets of foreign banks. The most striking variance can be observed for public vs. private ownership of commercial banks. Whereas public bank assets constitute over 70% of commercial bank assets in low-income countries, their share is around 40% in middle income and 0% in high-income countries. 17 IV. Other Financial Institutions This section of the database presents the first systematic effort to collect data on financial intermediaries other than central and deposit money banks. We first define five different groups of other financial institutions before presenting indicators of their size and activity. Finally, sources and coverage are presented and some evidence on the size and activity of other financial institutions across countries. A. Categories of otherfinancial institutions In section II we included all financial intermediaries other than central and deposit money banks in one group, called "other financial institutions". In this section we try to get a better picture by breaking this sector up into five subgroups. 1 'Note that these numbers, like in all graphs are medians. The means for the income groups are 64% for low-income groups, 38 and 39% for lower and upper middle income groups and 23% for high-income countries. 13 1. Banklike Institutions: This category comprises two groups of institutions; (i) intermediaries that accept deposits without providing transferable deposit facilities, and (ii) intermediaries that raise funds on the financial market mainly in form of negotiable bonds. Examples of the first group are savings banks, cooperative banks, mortgage banks and building societies. Examples of the second group include finance companies. These institutions often have specialized in very specific activities, for historic, legal or tax reasons.18 2. Insurance Companies: Within the category of insurance companies we can distinguish between life insurance companies and other insurance companies. We do not include insurance funds that are part of a government social security system. 3. Private Pension and Provident Funds: Like life insurance companies, pension and provident funds serve for risk pooling and wealth accumulation. We do not include pension funds that are part of a government social security system. 4. Pooled Investment Schemes: Financial institutions that invest on behalf of their shareholders in a certain type of asset, as real estate investment schemes or mutual funds. 5. Development Banks are financial institutions that derive their funds mainly from the government, other financial institutions and supranational organizations. On the asset side they are often concentrated on specific groups of borrowers. Most of these institutions were set up after World War II or after independence in an effort to foster economic development. Note that this definition is more restricted than the IFS' definition of other banklike institutions. 14 B. Measures of the Size and Activity of Other Financial Institutions In this subsection we present size and activity indicators similar to the ones in section 2, plus some additional measures of insurance development. For all five other financial institution groups we construct measures of their size relative to GDP by calculating the ratio of total assets to GDP. Unlike in section II, total assets refer to balance sheet's total assets.19 We also construct activity indicators by measuring the claims on the private sector relative to GDP. For the insurance sector we include an additional size and two additional activity measures: We present assets and private credit of the life insurance sector where disaggregated data are available. We also present life insurance penetration, measured by premiums/GDP and life insurance density, measured by premiums/population. The first indicator provides evidence on the importance of the life insurance sector relative to the total economy, the second evidence 20 on the expenditure per capita on life insurance provision. C. Sources Data on the size and activity of other financial institutions were collected mostly from the IFS and individual country sources, such as central banks, bank and insurance supervisory bodies and statistical yearbooks.21 These data are available for 65 countries and for the years since 1980. 19 Using balance sheet's total assets is problematic since they might include cross-claims within a category of other financial institutions and claims on other groups of financial intermediaries. A size measure like in section 1I that includes only claims on the nonfinancial sector is therefore preferable, but not available for most countries. 20 Life insurance density is constructed as premiums in local currency divided by the purchasing power parity conversion factor, obtained from the World Development Indicators, and the population. To obtain the real density, we adjust these numnbers by the annual CPI of the U.S. 2' A complete list of sources is available in the appendix. 15 Data on life insurance penetration and life insurance density come from SIGMA, a monthly publication by Swiss-Re. Their data are "based on direct premium volume of commercially active insurers, regardless of whether they are in state or private ownership." [SIGMA 4/1998, 4] Only domestic insurance business, regardless whether conducted by domestic or foreign insurers, is included. Data are available for 88 developing and developed countries, and for years since 1987.22 D. Development of Other Financial Institutions across Income Groups Graph 5 shows that the private credit by all 5 categories of other financial institutions 23 increases as we move from low- to high-income countries. Graph 6 shows that the private credit by life insurance companies, the life insurance penetration and the life insurance density increase with GDP per capita. Interestingly, for the first two measures, the lower-middle income group exhibits the lowest medians. Also note, that the high-income countries exhibit a life insurance penetration ten times as high as lower-middle income countries and a life insurance density nearly one hundred times higher than low-income countries. V. Stock and Bond Market Development This part of the database defines measures of the size, the activity and the efficiency of primary and secondary stock and bond markets. By including bond markets and primary equity 22 We are grateful to Ian Webb for technical assistance in obtaining these data. 23 Using total assets instead of private credit yields a very similar picture. The graph might give a distorted picture, especially in the case of development banks, since values of zeros are treated as "non-available". 16 markets, this database improves significantly on previous work. Sources and coverage are presented, as well as the variance of these indicators over time and across income groups. A. Indicators of Stock Market Size, Activity and Efficiency As indicator of the size of the stock market we use the stock market capitalization to GDP ratio which equals the value of listed shares divided by GDP. Both numerator and denominator are deflated appropriately, with the numerator equaling the average of the end-of- year value for year t and year t-1, both deflated by the respective end-of-year CPI, and the GDP deflated by the annual value of the CPI. To measure the activity or liquidity of the stock markets we use stock market total value traded to GDP, which is defined as total shares traded on the stock market exchange divided by GDP. Since both numerator and denominator are flow variables measured over the same time period, deflating is not necessary in this case. We use the stock market turnover ratio as efficiency indicator of stock markets. It is defined as the ratio of the value of total shares traded and market capitalization. It measures the activity or liquidity of a stock market relative to its size. A small but active stock market will have a high turnover ratio whereas a large, while a less liquid stock market will have a low turnover ratio. Since this indicator is the ratio of a stock and a flow variable, we apply a similar deflating procedure as for the market capitalization indicator. B. Indicators of Bond Market Size 17 As indicators of the size of the domestic bond market we use the private and public bond market capitalization to GDP, which equals the total amount of outstanding domestic debt securities issued by private or public domestic entities divided by GDP. Both numerator and denominator are deflated appropriately, with the numerator equaling the average of the end-of- year value for year t and year t-1, both deflated by the end-of-year CPI, and the GDP deflated by the annual value of the CPI. C. Indicators of Primary Stock and Bond Market Size As an indicator of the size of primary equity and debt markets, we use Equity Issues to GDP (Long-term Private Debt Issues to GDP) which equals equity issues (long term private debt issues) divided by GDP. Both numerator and denominator are in nominal terms, since both are flow variables. D. Sources Most of the secondary stock market data come from the IFC's Emerging Market Database. Additional data come from Goldman Sachs' International Investment Research. Some of the data are in local currency, some in US dollars. To deflate in a consistent way, we use the local CPI and the U. S. CPI respectively.24 Data on the secondary bond market come from the Bank for International Settlement (BIS) Quarterly Review on International Banking and Financial Market Development and are in U.S. dollars. Data on the primary equity and debt market come from country-specific sources and were collected by Aylward and Glen (1998) and 24 Using this method assumes a flexible exchange rate with respect to the U.S. dollar, so that inflation differentials are reflected by changes in the exchange rates. Although this method is far from perfect, it is relatively accurate. 18 from the OECD Financial Statistics Monthly.25 They are partly in local currency, partly in U.S. dollars. GDP numbers in local currency and the CPI numbers are from the International Financial Statistics, GDP numbers in U.S. dollars are from the World Bank. Secondary stock market data are available for 93 countries starting in 1975. Secondary bond market data are available for 37 countries, mostly industrialized, and for the years since 1990. Primary market data are available for 42 countries, both industrialized and developing, for the years 1980-95. E. Stock and Bond Market Development across Income Groups There is a significant variation in size, activity and efficiency of stock markets across income groups, as evident in graph 7. Countries with a higher level of GDP per capita have bigger, more active and more efficient stock markets. Richer countries also have larger bond markets and issue more equity and especially private bonds.26 Stock markets have increased in size, activity and efficiency over the last three decades, as can be seen in graph 8. VI. Concluding Remarks This paper introduced a new and unique compilation of indicators of the size, activity and efficiency of financial intermediaries and markets across countries and over time. It enables financial analysts a comprehensive assessment of the development and structure of the financial sector of countries compared to other countries and over time. It allows researchers to address a rich set of questions and issues in financial economics. 2 We are grateful to Joe Attia for collecting the data from the OECD Financial Statistics Monthly. 26 We combine the low and lower-middle income groups for the bond measures, since India is the only low-income country for which data are available. 19 The database is part of a broader research project that tries to understand the determinants of financial structure and its importance for economic development. Specifically, the compiled data permit the construction of financial structure indicators that measure the relative size, activity and efficiency of banks compared to stock markets. These indicators can then be used to investigate the empirical link between the legal, regulatory and policy. environmenit and financial structure indicators [Demirgu,c-Kunt and Levine 1999] as well as the implications of financial structure for economic growth. 20 REFERENCES Aylward, Anthony and Glen, Jack. 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World Development Indicators 1997, Washington, D.C. 22 Table 1: Coverage of the Variables Time span Number of countries Number of observations Central Bank Assets to Total Financial Assets 1960-1997 79 2177 Deposit Money Banks Assets to Total Financial Assets 1960-1997 79 2177 Other Financial Institutions Assets to Total Financial Assets 1960-1997 79 2177 Deposit Money vs. Central Bank Assets 1960-1997 169 4651 Liquid Liabilities to GDP 1960-1997 159 3873 Central Bank Assets to GDP 1960-1997 153 3671 Deposit Money Bank Bank Assets to GDP 1960-1997 160 3912 Other Financial Institution Assets to GDP 1960-1997 80 2008 Private Credit by Deposit Money Banks to GDP 1960-1997 160 3901 Private Credit by Deposit Money Banks and Other Financial Institutions to GDP 1960-1997 161 3923 Net Interest Margin 1990-1997 129 721 Overhead costs 1990-1997 129 719 Concentration 1990-1997 137 822 Foreign Bank Share (Assets) 1990-1997 111 673 Foreign Bank Share (Number) 1990-1997 111 673 Public share 1980-1997 41 213 Total Assets of Other Banklike Institutions to GDP 1980-1997 54 766 Total Assets of Life Insurance Companies to GDP 1980-1997 24 333 Total Assets of Insurance Companies to GDP 1980-1997 40 547 Total Assets of Private Pension and Provident Funds to GDP 1980-1997 16 185 Total Assets of Pooled Investment Schemes to GDP 1980-1997 27 295 Total Assets of Development Banks to GDP 1980-1997 46 634 Private Credit by Other Banklike Institutions to GDP 1980-1997 43 652 Private Credit by Life Insurance Companies to GDP 1980-1997 17 258 Private Credit by Insurance Companies to GDP 1980-1997 19 275 Private Credit by Private Pension and Provident Funds to GDP 1980-1997 11 126 Private Credit by Pooled Investment Schemes to GDP 1980-1997 10 106 Private Credit by Development Banks to GDP 1980-1997 38 555 Life insurance pentration 1987-1996 85 682 Life insurance density 1987-1996 85 682 Stock market capitalization to GOP 1976-1997 93 1171 Stockmarket total value traded to GDP 1975-1997 93 1264 Stock market turnover to GDP 1976-1997 93 1154 Private bond market capitalization to GDP 1990-1997 37 287 Public bond market capitalization to GDP 1990-1997 37 287 Equity issues to GDP 1980-1995 42 586 Long-term Private Debt Issues to GDP 1980-1995 40 508 23 Graph 1: Financial Intermediary Development Across Income Groups 100.00% ..4 90.00% . m 80.00% 3 ' i' 0 70.00% 60~00% ~~~~~ B~~~~~3Low 50.000/ .U Lower middle ~~. ...~ 44 /~~ 0 Upper middle 4 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~~~~ .~~~~~~~~~~ ~ ~ ~ ~C OHigh 40.00% 30I00% : 20.00% 0.00% Central Bank Assets to Deposit Money Bank Assets Other Financial Institutions Deposit Money vs. Central Total Financial Assets to Total Financial Assets Assets to Total Financial Bank Assets Assets 24 Graph 2: Financial Intermediary Development Across Income Groups 70 00% 60.00% - 50.00/o 40.00% - B~~~~~~~~~~~~~~~~~~ Low 4 ~~~~~~~~~ E~~~~MLower middle 3000% ~~~~~~~~~~~~~~~~~~.' O~~~~~~~~0Upper middle 20 00% N 10.00/o 0.00/a Liquid Liabilities to Central Bank Deposit Money Other Financial Private Credit by Private Credit by GDP Assets to GDP Bank Assets to Institutions Assets Deposit Money Deposit Money GDP to GDP Banks to GDP Banks and Other Financial Institutions to GDP 25 Graph 3: Financial Intermediary Development Over Time 90 00% 80 00% 70.00% 60.00% 5000D% M 0 4000% o 70s 20000/ 10 00% 0 00% Liquid Liabilities to GDP Central Bank Assets to GDP Private Credi by Deposit Deposit Money Bank vs. Money Banks to GDP Central Bank Assets 26 Graph 4: Efficiency and Market Structure of Commercial Banks Across Incomne Groups 100.00% ' * 90.00% ' 7 80. 00% 70.00% 60.00% ElLow 1Lower middle 50.00% - 0~~~~~~~~~~~~~~~~~~~~~~~~~ Upper middle 40.00% 30.00% 20.00% R 10.00% 0.00%/ Net Interest Overhead Cost Concentration Foreign Bank Foreign Bank Public share Margin Share (Assets) Share (Number) Graph 5: Private Credit by Other Financial Institutions Across Income Groups 11~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Lowe midde Private Credit by Private Credit by Private Credit by Private Credit by Private Credit by Other Banklike Insurance Companies Private Pension and FE ooled Investment Development Banks to Institutions to GDP to GDP Providen Funds to gchemes to GDP GDP GDP Graph 6: Life Insurance Developmnent Across Income Groups 10.00 8.00 8 8 888 88 8 7.00 ~ ~ ~ 88 '~888, 88888888 .8 '8'8 ~ 88 84'',88 6.00~~~~~~~~~~~~~~~~~~~ 88,4 ~ 88~8, 8 ' 8888,888, ''88k 8888 88,88 ' 88848, "88 8'8'~,8 88' 888888'8~ 8888LOW 8,888MLo ermidl 5.'00.' ~ '8 ' 8 848'~ 88 88' 8~~~8888,48888 8'8' Uppe8middl 88' R88s~,, ~ 88' 88'884, "8' 8"4 ''8 '8~88'8'~ ~ ~ 18'8888High 4.00 888 8 88~8888 888888'"88 8'848 8 8,' 88~8 ge~~~~~~~~~~88 8 88 8 8 8 ) ~ 7 88', 3.00 ~ ~ ~ ~ 888 8888888 ' ' 88'8888 8 8 2.00~ ~~~~~~~~~~~~8888 88. 8 '8' 8' 88888488 888' .,0 888> 0.00 ~ ~ ~ ~ ~ ~ ~~~888 , , 889>8 8 8 8.888 8 '88~ Private88, Credit88 byLfeIsrac Lf nsrnc etrton(rm8Lf inurnc dnst (premiu Companies to GDP volume to GDP) volume in constant USD per capita),88in 888'8884~8888 88888888 488~8 88,s of8USD Graph 7: Stock and Bond Market Development Across Income Groups 35.00% - 25.00/ % 20 Ooy E .;; W W ffi ,; [EII~~~~~~~~~~~~~~~0Lower middl 1~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ X|Upper Middle Stock market Stockmarket Stock market Private bond Public bond Equity issues Long-term capitalization to total value turnover to market market to GDP Private Debt GDP traded to GDP GDP capitalization to capitalization to Issues to GDP GDP GDP 30 Graph 8: Stock Market Development Over Time 45.00% 40.00/o% AA~~ 30 00% -,,~AA A5 AAAAe ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ A, ~~~070s1 25.00% * 80s 20.00% 10.00% 5.00/o Stock Market capitalzation to GDP Stock Market Total Value Traded to GDP Stock Market Turnover 31 Appendix: Sources Section 11 All raw data are from the electronic version of the IMF's International Financial Statistics The following lines are included in Central Bank Assets, if available 12AN.ZF---CLAIMS ON GOVERNMENT(NET)- 12A..ZF---MONAUTH:CLAIMS ON CENTRAL GOVT (LOC CURR)-- 12BX.ZF--MONAUTH:CLAIMS ON OFF ENTITIES (LOC CURR)- 12B..ZF---MONAUTH:CLAIMS ON STATE & LOC GOVTS (LOC CURR)-- 12CD.ZF---CLAIMS ON NONFINANCIAL ENTERP.-- 12C..ZF---MONAUTH:CLAIMS ON NONFIN PUB ENTERPRISES (LOG CURR)-- 1 2D..ZF--- MONAUTH:CLAIMS ON PRIV SECTOR (LOC CURR)-- The following lines are included in Deposit Money Bank Assets, if available 22ANHZF---CLAIMS ON CENT. GOVT (NET)- 22A.HZF---CLAIMS ON CENTRAL GOVERNMENT-- 22A.MZF--CLAIMS ON CENTRAL GOVERNMENT-- 22A.TZF---CLAIMS ON CENTRAL GOVERNMENT-- 22A.GZF---CLAIMS ON GOVERNMEN-- 22AN.ZF---CLAIMS ON GOVERNMENT(NET)-- 22AE.ZF---CLAIMS ON NAT.PROPERTY FUND-- 22A..ZF---DEPMONBKS:CLAIMS ON CENTRAL GOVT (LOC CURR)-- 22B.MZF---CLAIMS ON LOCAL GOVERNMENT-- 22B.GZF---CLAIMS ON OFFICIAL ENTITIES-- 22B.TZF---CLAIMS ON STATE & LOCAL GOVT.-- 22BX.ZF---DEPMONBKS:CLAIMS ON OFF ENTITIES (LOC CURR)-- 22B..ZF---DEPMONBKS:CLAIMS ON STATE & LOC GOVTS (LOC CURR)-- 22CB.ZF---CLAIMS ON COOPERATIVES-- 22C-HZF---CLAIMS ON NONFIN.PUB.ENT.-- 22CA.ZF--CLAIMS ON PUBLIC CORPORATIONS- 22C..ZF---DEPMONBKS:CLAIMS ON NONFIN PUB ENTERPRISES (LOC CURR)-- 22D.GZF---CLAIMS ON PRIVATE SECTOR-- 22D.HZF---CLAIMS ON PRIVATE SECTOR-- 22D.MZF---CLAIMS ON PRIVATE SECTOR-- 22D.TZF---CLAIMS ON PRIVATE SECTOR-- 22DA.ZF---CLAIMS ON SOCIALIST SECTOR-- 22D..ZF---DEPMONBKS:CLAIMS ON PRIV SECTOR (LOC CURR)-- 22D.IZF---TREAS: CLAIMS ON PRIVATE SECT-- The following lines are included in Other Financial Insitutions Assets, if available 42BXLZF---LOCAL & SEMI-GOVT SECURITIES-- 42BXKZF---CLAIMS ON OFFICIAL ENTITIES-- 42B.SZF---CLAIMS ON LOCAL GOVERNMENT-- 42B.GZF---CLAIMS ON LOCAL GOVERNMENTS-- 42B.BZF---CLAIMS ON OFFICIAL ENTITIES-- 42B.FZF--CLAIMS ON OFFICIAL ENTITIES- 42B.KZF---CLAIMS ON OFFICIAL ENTITiES-- 42B.NZF---CLAIMS ON STATE & LOCAL GOVT.-- 42B.LZF---CLAIMS ON STATE AND LOCAL GOVTS.- 42BX.ZF---OTHFININST:CLAIMS ON OFF ENTITIES (LOC CURR)-- 42B..ZF---OTHFININST:CLAIMS ON STATE & LOC GOVTS (LOC CURR)-- 42A.LZF---CLAIMS ON CENTRAL GOVERNMENT-- 42A.NZF---CLAIMS ON CENTRAL GOVERNMENT-- 42A.PZF---CLAIMS ON CENTRAL GOVERNMENT-- 42A.BZF---CLAIMS ON GOVERNMENT-- 42A.FZF---CLAIMS ON GOVERNMENT-- 42A.GZF---CLAIMS ON GOVERNMENT-- Page 1 42A.HZF---CLAIMS ON GOVERNMENT- 42A.IZF--CLAIMS ON GOVERNMENT-- 42A.KZF---CLAIMS ON GOVERNMENT-- 42A.MZF--CLAIMS ON GOVERNMENT-- 42A.SZF---CLAIMS ON GOVERNMENT-- 42AN.ZF---CLAIMS ON GOVERNMENT(NET)-- 42A..ZF---OTHFINiNST:CLAIMS ON CENTRAL GOVT (LOC CURR)-- 42C.SZF---CLAIMS ON NON FIN. PUB. ENTERPRISES-- 42C.NZF---CLAIMS ON NONFIN.PUB.ENTERP.-- 42C.LZF---CLAIMS ON NONFIN.PUB.ENTERPRISE-- 42C.MZF---CLAIMS ON NONFIN.PUB.ENTERPRISES-- 42C.GZF---CLAIMS ON PUBLIC ENT.-- 42C.FZF--CLAIMS ON PUBLIC ENTERPRISES-- 42C..ZF---OTHFININST:CLAIMS ON NONFIN PUB ENTERPRISES (LOC CURR)- 42D.BZF---CLAIMS ON PRIVATE SECTOR-- 42D.FZF---CLAIMS ON PRIVATE SECTOR-- 42D.GZF---CLAIMS ON PRIVATE SECTOR-- 42D.HZF---CLAIMS ON PRIVATE SECTOR-- 42D.IZF---CLAIMS ON PRIVATE SECTOR-- 42D.KZF---CLAIMS ON PRIVATE SECTOR-- 42D.LZF--CLAIMS ON PRIVATE SECTOR- 42D.MZF---CLAIMS ON PRIVATE SECTOR-- 42D.NZF---CLAIMS ON PRIVATE SECTOR-- 42D.PZF--CLAIMS ON PRIVATE SECTOR- 42D.SZF---CLAIMS ON PRIVATE SECTOR- 42D..ZF---OTHFININST:CLAIMS ON PRIV SECTOR (LOC CURR)-- 42H.SZF--FIXED ASSETS/REAL ESTATE-- 42H.LZF---REAL ESTATE-- The following line is included in Liquid Liabilities 55L..ZF---FINSURVEY:LIQUID LIABS (LOC CURR)-- if not available: 35L..ZF---MONSURVEY:MONEY PLUS QUASIMONEY (M2) (LOC CURR)- The following lines are included in Private Credit by Deposit Money Banks, if available 22D.GZF---CLAIMS ON PRIVATE SECTOR-- 22D.HZF---CLAIMS ON PRIVATE SECTOR-- 22D.MZF---CLAIMS ON PRIVATE SECTOR-- 22D.TZF---CLAIMS ON PRIVATE SECTOR-- 22DA.ZF---CLAIMS ON SOCIALIST SECTOR-- 22D..ZF---DEPMONBKS:CLAIMS ON PRIV SECTOR (LOC CURR)-- 22D.IZF---TREAS: CLAIMS ON PRIVATE SECT-- The following lines are included in Private Credit by Deposit Money Banks and Other Financial Institutions, if available 22D.GZF---CLAIMS ON PRIVATE SECTOR-- 22D.HZF---CLAIMS ON PRIVATE SECTOR-- 22D.MZF---CLAIMS ON PRIVATE SECTOR-- 22D.TZF---CLAIMS ON PRIVATE SECTOR-- 22DA.ZF--CLAIMS ON SOCIALIST SECTOR-- 22D..ZF---DEPMONBKS:CLAIMS ON PRIV SECTOR (LOC CURR)-- 22D.IZF---TREAS: CLAIMS ON PRIVATE SECT-- 42D.BZF---CLAIMS ON PRIVATE SECTOR- 42D.FZF---CLAIMS ON PRIVATE SECTOR-- 42D.GZF--CLAIMS ON PRIVATE SECTOR- 42D.HZF---CLAIMS ON PRIVATE SECTOR-- 42D.IZF---CLAIMS ON PRIVATE SECTOR-- 42D.KZF---CLAIMS ON PRIVATE SECTOR-- 42D.LZF---CLAIMS ON PRIVATE SECTOR-- 42D.MZF---CLAIMS ON PRIVATE SECTOR-- 42D.NZF---CLAIMS ON PRIVATE SECTOR-- 42D.PZF--CLAIMS ON PRIVATE SECTOR-- 42D.SZF---CLAIMS ON PRIVATE SECTOR-- Page 2 42D..ZF---OTHFININST:CLAIMS ON PRIV SECTOR (LOC CURR)-- For GDP in local currency, the following line is used 99B..ZF---NA:GROSS DOM PRODUCT (LOC CURR)-- if not available: 99B.CZF---GROSS DOMESTIC PRODUCT-- For the annual deflator the Consumer Price index, line 64... ZF, is used For the end-of-period deflator the December value of the Consumer Price index, line 64M..ZF, or, if not available, the 4th quarter value of line 64Q..ZF is used Section III Data on all variables, except Public Share are from IBCA's Bankscope database. The data for Public Share were collected from the following sources. If the public banks are not clearly marked in the publication, the classification is also added. Argentina Source: Banco Central de la Republica Argentina, Informacion de Entidades Financieras Time span: 1995-97 Austria Source: Gardener and Molyneux Time span: 1983, 88 Bangladesh Source: Bangladesh Bank, Bangladesh Bank Bulletin Time span: 1980-97 Belgium Source: Gardener and Molyneux Time span: 1982,88 Bolivia Source: Banco Central de Bolivia, Boletin Estadistico Time span: 1980-97 Brazil Source: Banco Central do Brazil, Boletim Mensal Time span: 1980-97 Canada Source: Bankscope Time span: 1997 Colombia Source: Banco de la Republica, Informe Annual del Gerente a la Junta Directiva Time span: 1986-91 Costa Rica Source: Bankscope Time span: 1992-97 Denmark Page 3 Source: Gardener and Molyneux Time span: 1983, 88 Ecuador Source: Bankscope Time span: 1997 Egypt Source: Bankscope Time span: 1990-97 Finland Source: Statistical Yearbook of Finland (share of Postpankki assets in total commercial bank assets) Time span: 1980-88 France Source: Gardener and Molyneux Time span: 1983, 88 Germany Source: Gardener and Molyneux Time span: 1983, 88 Ghana Source: Internal World Bank information Time span: 1988 Greece Source: Gardener and Molyneux (credit instead of assets) Time span: 1988 Guatemala Source: Superintendencia de Bancos, Boletin Annual de Estadisticas del Sistema Financiero Time span: 1980-97 India Source: Reserve Bank of India, Statistical Tables Relating to Banks in India Time span: 1980-96 Indonesia Source: Bank Indonesia, Indonesia Financial Statistics (commercial banks other than private exchange and foreign & joint exchange banks) Time span: 1986-97 Ireland Source: Gardener and Molyneux Time span: 1983, 88 Italy Source: Gardener and Molyneux Time span: 1983, 88 Japan Page 4 Source: Bankscope Time span: 1997 Mexico Source: Bankscope Time span: 1993-94 Netherlands Source: Gardener and Molyneux Time span: 1983, 88 New Zealand Source: Bankscope Time span: 1997 Norway Source: Gardener and Molyneux Time span: 1983, 88 Pakistan Source: Bankscope Time span: 1990-96 Philippines Source: The World Bank, Philippine Financial Sector Study, 7177-PH. Time span: 1980,86 Portugal Source: Banco de Portugal, Annual Report 1997 (credit instead of assets) Time span: 1984,89,97 Spain Source: Gardener and Molyneux Time span: 1983, 88 Sri Lanka Source: Bankscope Time span: 1992-96 Sweden Source: Gardener and Molyneux Time span: 1983, 88 Switzerland Source: Banque Nationale Suisse, Les Banques Suisses en 19.. (share of cantonal bank assets in total commercial bank assets) Time span: 1980-97 Thailand Source: The World Bank's report: FSS, 8043-TH Time span: 1980,85-88 Page 5 Tunisia Source: Information from the country economist Time span: 1987, 92 Turkey Source: Banks Association of Turkey, Banks in Turkey Time span: 1985, 90, 92 United Kingdom Source: Gardener and Molyneux Time span: 1988 United States Source: Bankscope Time span: 1997 Uruguay Source: Bankscope Time span: 1990-96 Zambia Source: The World BanKs Financial Sector Report No. 1 2387-ZA Time span: 1992 Section IV The following information lists the sources, the time span and the definition of the categories for each country All numbers are total assets or total financial assets, unless otherwise stated. The sources for life penetration and density are listed at the end. Argentina Sources: (a) Banco Central de la Repubica Argentina, Boletin Estadestico (b) IFS Time span: 1980-87,1992-97 Assets (Source a): Banklike Institutions Finance companies Credit companies Building societies Private credit (Source b): Banklike Institutions Investment finance companies Credit cooperatives Savings and loan associations Australia Source: Reserve Bank of Australia, Bulletin Time Span: 1980-96 (Numbers are for June) Assets: Banklike Institutions Permanent building societies Credit cooperatives Money market corporations Page 6 Pastoral financial companies Finance companies General financiers Intra-group financiers Other financial corporations Co-operative housing societies Securisation vehicles Insurance Companies Life insurance General insurance offices Friendly societies Private Pension Funds Superannuation funds Pooled Investment Schemes Other managed funds (cash management trusts, common funds) Public unit trusts Development Banks Other banks (Australian Resource Development Bank, Commonwealth Development Bank and, prior to reclassification in 1988 to trading banks, the Primary Industry Bank of Australia.) Private credit: Lines included: total loans excluding loans to related companies, unless otherwise noted Banklike Institutions Permanent building societies Credit cooperatives Money market corporations Pastoral financial companies Finance companies General financiers Securisation vehicles (all assets except other assets) Insurance Companies: Life insurance (debentures & notes, shares, other investments and loans) Private Pension Funds Superannuation funds (bills of exchange, debentures & notes, domestic shares and loans) Pooled Investment Schemes Cash management trusts (bills of exchange and other promissory notes) Public unit trusts (bills of exchange, debentures & notes, domestic shares & loans) Development Banks Other banks (Australian Resource Development Bank, Commonwealth Development Bank and, prior to reclassification in 1988 to trading banks, the Primary Industry Bank of Australia.) Austria Source:Oesterreichische Nationalbank, Mitteilungen Time span: 1980-97 Assets Banklike Institutions Building societies Insurance Companies All insurance companies Private Pension Funds Pension funds Pooled Investment Schemes Investment funds Private credit Lines included: other domestic bonds, other domestic obligations, shares, other domestic loans Banklike Institutions Building societies Insurance Companies All insurance companies Private Pension Funds Pension funds Page 7 Poded Investment Schemes Investment funds Bahamas Sources: (a) Central Bank of the Bahamas, Statistical Digest (b) IFS Time Span: 1980-97 Assets (Source a): Banklike Institutions Other local financial institutions PO savings bank Development Banks Bahamas Development Bank Private credit: Banklike Institutions (Source b) Licensed banks and trust companies other than commercial banks (corresponds to other Icoal financial institutions) Development Banks (Source a) Bahamas Development Bank (total loans) Barbados Sources: (a) through 1995: Central Bank of Barbados, Annual Statistical Digest, and after 1995: Central Bank of Barbados, Economic and Financial Statistics (b) IFS Time span: 1980-97 Assets (Sources a): Banklike Institutions Mortgage and finance companies Finance companies and merchant banks Insurance Companies National Insurance companies Fund Development Banks Barbados Development Bank Private credit (Source b): Banklike Institutions Trust companies Belgium Sources: (a) Bulletin of Banque Nationale de Belgique (b) Annuaire Statistique de la Belgique (c) OECD Methodological Supplement Time span: 1980-1993, incomplete data Assets: Banklike Institutions Savings banks (Source a) Caisse generale d'epargne et de retraite, (Source a) Mortgage companies and capital redemption companies (Source c) Insurance Companies Insurance companies (includes life insurance, Source b) Life insurance companies (Source a) Private Pension Funds Pension funds (Source c) Pooled Investment Schemes Institutions pour placement collectif (Source b) Development Banks Public financial credit intermediaries (Source c) Belize Sources: (a) Central Bank of Belize, Quarterly Review (b) IFS Time span: 1980-97 Page 8 Assets (Source a): Development Banks Development Finance Corporation Private credit (Source b): Development Banks Development Finance Corporation Bolivia Sources: (a) Banco Central de Bolivia, Boletin estadistico (b) IFS Time span: 1980-97 Assets (Source a): Development Banks Specialized banks Private credit (Source b): Development Banks Specialized banks (Mining Bank, Agricultural Bank, Industrial Bank, Industrial Financing Bank) Brazil Source: Banco do Brazil, Boletim Mensal Time span: 1980-97 Assets: Banklike Institutions Investment banks Housing credit companies S&L associations Leasing companies Insurance Companies Insurance companies Pension Funds Private pension funds Pooled Investment Schemes Mutual Funds Investment institutions and investment funds Development Banks National Bank of Economic and Social Development State development banks Credit Society of Finance and Investment National Housing Bank National Bank of Cooperative Credit Special Industrial Financing Agency Private credit: Line included: total credit to private nonfinancial sector Banklike Institutions Investment banks Housing credit companies Leasing companies Development Banks National Bank of Economic and Social Development State development banks Credit Society of Finance and Investment National Bank of Cooperative Credit Canada Sources: (a) National Balance Sheet Accounts, Statistics Canada (b) IFS Time span: 1980-97 Assets (Source a): Page 9 Banklike Institutions Quebec Savings Bank, since 87 included in chartered banks Credit unions and caisses populaires Sales finance and consumer loan companies Other financial institutions (venture capital companies, finance leasing companies and investment and holding companies) Trust companies and mortgage loan companies Private Pension Funds Trusteed pension plans Insurance Companies Life insurance business and segregated funds of life insurance companies Property and casualty insurance companies and accident and sickness branches of life insurance companies Poled Investment Schemes Mutual funds Development Banks Public financial institutions Private credit: The following lines are included in data collected form Source a: trade receivables, consumer credit,other loans,mortgages, other bonds and shares Banklike Institutions (Source b) Quebec Savings Bank, since 87 included in chartered banks Credit unions and caisses populaires Sales finance and consumer loan companies Trust companies and mortgage loan companies Private Pension Funds Trusteed pension plans (Source a) Insurance Companies(Source a) Life insurance business and segregated funds of life insurance companies Property and casualty insurance companies and accident and sickness branches of life insurance companies Poled Investment Schemes Mutual funds Development Banks (Source a) Public financial institutions Chile Sources: (a) Banco Central de Chile, Boletin Mensual (b) Chile finanzas, webpage (c) IFS Time span: 1980-1997 Assets: Banklike Institutions Financial companies (Source a) Insurance Companies Life and nonlife insurance companies (Source b) Private Pension Funds Private pension funds (Source b) Pooled Investment Schemes Foreign capital investment funds (Source b) Investment funds (Source b) Mutual funds (Source b) Private credit: Lines included in data collected from Source b are: stocks, mortgage backed securities, corporate bonds Banklike Institutions Financial companies (Source c) Insurance Companies Life and nonlife insurance companies (Source b) Private Pension Funds Private pension funds(Source b) Pooled Investment Schemes Foreign capital investment funds (Source b) Investment funds (Source b) Mutual funds (Source b) Page 1 0 Colombia Source: Banco de la Republica, Revista del Banco de la Republica Time span: 1980-1996 Assets Banklike Institutions Savings and housing corporations Private finance companies. Trade finance companies Financial coporations Banco Central Hipotecario Caja Social de Ahorros Development Banks Caja de Credito Agrario, Industrial y Minero Financiera Energetica Nacional Instituto de Fomento Industrial Private credit: Line included is: credito al sector privado Banklike Institutions Savings and housing corporations Private finance companies. Trade finance companies Financial coporations Banco Central Hipotecario Caja Social de Ahorros Development Banks Caja de Credito Agrario, Industrial y Minero Financiera Energetica Nacional Instituto de Fomento Industrial Denmark Sources: (a) Statistical Yearbook of Denmark (b) Reports and Accounts for the Year ..., Danmarks Nationalbank Time span: 1980-95 Assets: Banklike Institutions Mortgage credit associations and local governments credit association (Source a) Financing companies (Source b) Denmarks Skibskreditfond (Source a) Manufacturing & Manual Industries' Finance Corporation (Source a) The Mortgage Bank of the Kingdom of Denmark (Source a) The Fisheries Bank of the Kingdom of Denmark (Source a) Insurance Companies(Source a) Life insurance companies Non-life insurance companies Private Pension Funds Private Pension funds (Source a) Pooled Investment Schemes Investment associations (Source b) Private credit (Source b): Banklike Institutions Financing companies (leasing assets and loans) Mortgage credit associations (total lending) Dominican Republic Source: Banco Central de la Republica Dominicana, Boletin Mensual Time span: 1980-97 Assets: Banklike Institutions Private non-financial intermediaries (devt. banks, mortgage banks and S&L associations) Page 1 1 Development Banks Public non-financial intermediaries Private credit: Line included: Credito interno al sector privado Banklike Institutions Private non-financial intermediaries (devt. banks, mortgage banks and S&L associations) Development Banks Public non-financial intermediaries Ecuador Sources: (a) Banco Central de Ecuador, Boletin anuario (b) Banco Central de Ecuador, Memoria annual Time span: 1980-94 Assets (Source a): Banklike Institutions S&L associations Private finance companies Insurance Companies Insurance companies Re-insurance companies Life insurance companies Development Banks National Development Bank National Housing Bank National Financial Corporation Private credit (Source b): line included: credito al sector privado Banklike Institutions S&L associations Private finance companies Development Banks National Development Bank National Housing Bank National Financial Corporation Egypt Sources: (a) Economic Review, Central Bank of Egypt. (b) Annual Report, Central Bank of Egypt (c) IFS Time span: 1980-97 Assets: Development Banks Specialized banks (Source a) Insurance Companies Investment by insurance companies (Source b) Private credit Development Banks Specialized banks (Source c) Insurance Companies Insurance companies (Source b, included lines: securities and loans, other than of/to govt.) El Salvador Sources: (a) Banco Central de Reserva de El Salvador, Boletin trimestral (b) Superintendencia del Sistema Financiero, Estados e indicadores financieros and (c) Superintendencia de Bancos y Otras Instituciones, Estadisticas: Seguros, Fianzas, Bancos (d) IFS Time span: 1980-97 Page 12 Assets Banklike Institutions Finance companies (Source a), earlier called S&L associations General warehouses (Source b) Insurance Companies Insurance companies (Source c) Devopment Banks Official credit institutions (Source b) Private credit (Source d): Banklike Institutions Finance companies Fiji Sources: (a) Bureau of Statistics, Current Economic Statistics (b) IFS Time span: 1980-97 Assets (Source a): Insurance Companies Non-life insurance companies Life insurance companies Private credit (Source b): Insurance Companies Life insurance companies Finland Sources: (a) Statistical yearbook of Finland (b) OECD Methodological Supplement Time span: 1980-94 Assets: Banklike Institutions Mortgage banks (Source b) Finance companies (Source b) Others (development and investment companies, banking houses, holding companies and pawnshops) (Source b) Insurance Companies Insurance companies and associations (Source b) Pooled Investment Schemes Mutual funds (Source a) Unit trusts (Source a) Development Banks Development credit institutions (Source b) France Source: Banque de France, Statistiques monetaires et financieres annuelles Time span: 1980-96 Assets: Banklike institutions Finance companies and securitiy houses Pooled investment funds Fonds comuns de creances OPCVM (organismes de placement collectif en valeurs mobilieres) Development Banks Specialized financial institutions Private credit: Line included:Creance sur l'economie Banklike Institutions Finance companies and securitiy houses Pooled Investment Schemes Fonds comuns de creances OPCVM (organismes de placement collectif en valeurs mobilieres) Page 13 Development Banks Specialized financial institutions Germany Sources: (a) Monthly Bulletin, Bundesbank (b) Capital Market Statistics, Bundesbank (c) IFS Time span: 1980-1997 Assets: Banklike Institutions Building societies (Source a) Pooled Investment Schemes Investment and securities-based investment funds (Source b) Private credit (Source c): Banklike Institutions Building societies Greece Sources: (a) Monthly Statistical Bulletin, Bank of Greece. (b) Annual Report, Bank of Greece (c) IFS Time span: 1980-97 Assets: Pooled Investment Schemes Mutual funds (Source b) Development Banks Specialized credit institutions, include: the Agricultural Bank, the National Mortgage Bank, the Investment Bank, the National Investment Bank for Industrial Development, the Hellenic Industrial Development Bank, The National Housing Bank, the Deposits and Loan Fund and Postal Savings Banks. (Source a) Private credit (Source c) Development Banks Specialized credit institutions Guatemala Source: Superintendencia de Bancos, Boletin annual de estadisticas del sistema financiero Time span: 1980-97 Assets: Banklike Institutions Private finance companies General warehouses Trust accounts Insurance Companies Insurance companies Development Banks National Financial Corporation Guyana Source: Bank of Guyana, Statistical Bulletin Time span: 1980-92 Assets Banklike Institutions New Building Society Trust companies Guyana co-operative mortgage finance bank Insurance Companies Life insurance companies Nonlife insurance companies Page 14 Private Pension Funds Pension schemes Private credit: Line included: private sector Banklike Institutions New Building Society Trust companies Guyana Co-operative Mortgage Finance Bank Insurance Companies Life insurance companies Nonlife insurance companies Private Pension Funds Pension schemes Honduras Sources: (a) Banco Central de Honduras, Boletin de estadisticas de seguros (b) Banco Central de Honduras, Boletin estadistico Time span: 1980-97 Assets: Banklike Institutions (Source b) Specialized finance companies Insurance Companies Insurance companies (Source a) Development Banks (Source b) Private credit (Source b) Line included: credito e inversiones, sector privado Banklike Institutions (Source b) Specialized finance companies Development Banks (Source b) India Sources- (a) Reseve Bank of India, Report on Currency and Finance (b) Life Insurance companies Corporation of India, Annual Report (c) IFS Time span: 1980-95, missing data Assets: Insurance Companies Life Insurance companies Corporation of India (Source b) Pooled Investment Schemes Private mutual funds (Source a) Unit trust Development Banks State Financial Coporation. (Source a) Industrial Financial Corporation of India. Industrial Development Bank of India. Industrial Credit and Investment Corporation of India Limited. Export-import Bank of India. National Housing Bank Small Industries Development Bank of India Industrial Investment Bank of India Discount and Finance House National Bank for Agricultural and Rural Development Private credit (Source c): Development Banks Development Banks Indonesia Source: Bank Indonesia, Indonesia Financial Statistics Page 15 Time span: 1980-94 Assets: Banklike Institutions State and private savings banks (since 89 included in deposit money banks) Financial companies Development Banks Development Banks Private credit: line included: claims on private enterprises and individuals Development Banks Development Banks Ireland Sources: (a) Central Bank of Ireland, Annual Report (b) IFS Time span: 1980-96 Assets (Source a): Banklike Institutions Non-associated banks Other credit institutions; TSB Bank, ACC Bank, ICC Bank and ICC Investment Bank Building societies Hire-purchase finance companies Pooled Investment Schemes Collective investment schemes, authorized by the CB - total net asset values Private credit (Source b): Banklike Institutions definition varies over time Israel Sources: (a) Central Bureau of Statistics, Statistical Abstract of Israel (b) Central Bureau of Statistics, Monthly Bulletin of Statistics Time span: 1980-95 Assets: Banklike Institutions (Source a) Industrial investment finance banks Mortgage banks Insurance Companies Insurance companies (Source a) Pooled Investment Schemes Mutual funds (Source b) Private credit: Lines included are: loans, shares, nontradeable bonds, private bonds, credit to the public Banklike Institutions (Source a) Industrial investment finance banks Mortgage banks Pooled Investment Schemes Mutual funds (Source b) Italy Sources: (a) Annuario Statistico (b) Banca d'Italia, Economic Bulletin Time span: 1980-96 Assets: Banklike Institutions Specialized credit institutions (Source a) Insurance Companies (Source a) Life insurance companies Other insurance companies Page 16 Pooled Investment Schemes Investment funds and securities investment funds (Source b) Jamaica Sources: (a) Bank of Jamaica, Statistical Digest (b) Bank of Jamaica, Annual Report (c) IFS Time span: 1980-96 Assets: Banklike Institutions Finance houses and trust companies (Source a) Merchant banks Building societies Credit unions Trust companies Development Banks National Development Bank (Source b) Agricultural Credit Bank Trafalgar Development Bank Private credit (Source c): Banklike Institutions Merchant banks, finance houses and trust companies Japan Sources: (a) Research and Statistics Department, Bank of Japan, Economic Statistics Annual (b) Research and Statistics Department, Bank of Japan, Economic Statistics Monthly Time span: 1980-97 For most categories total assets, for some categories sum of principal assets Assets: Banklike Institutions Zenshinren banks (Source a) Credit cooperatives Shinkumi Federation Bank / Natl Federation of Credit Cooperatives Labor credit associations Nat]. Federation of Labor Credit Associations Agricultural cooperatives Credit Federation of Agric. Cooperatives Fishery cooperatives Credit Federation of Fishery Cooperatives Postal Savings Bank- total deposits Foreign banks Securities finance companies Securities investment trusts Trust accounts of deposit money banks (includes city, regional and trust banks) Postal Life Insurance companies and Postal Annuity. Insurance Companies Life insurance companies. (Source b) Non-life insurance companies. Mutual Insurance companies Federations of Agricultural Cooperatives Development Banks Government financial institutions:Japan Devt. Bank, Export-import Bank, (Source b) Hokkaido and Tohoku Devt. Corp., People's Finance Corp., Housing Loan Corp., Agr., Forestry & Fisheries Finance Corp., Small Buiness Corp., Japan Finance Corp. for Municipal Enterprises, Small Business Credit Insurance companies Corp., Environmental Sanitation Business Finance Corp., Okinawa Devt. Finance and Medical Care Facilities Finance Corp. Trust Fund Bureau Private credit Lines included are: loans, corporate bonds, stocks Page 17 Banklike Institutions Zenshinren banks (Source a) Credit cooperatives Shinkumi Federation Bank / Natl Federation of Credit Cooperatives Labor credit associations Natl. Federation of Labor Credit Associations Agricultural cooperatives Credit Federation of Agric. Cooperatives Fishery cooperatives Credit Federation of Fishery Cooperatives Foreign banks Securities finance companies Securities investment trusts Trust accounts of deposit money banks (includes city, regional and trust banks) Insurance Companies Life insurance companies. (Source b) Non-life insurance companies. Mutual Insurance companies Federations of Agricultural Cooperatives Development Banks Govemment financial institutions (Source b) Jordan Sources: (a) Monthly Statistical Bulletin (b) Central Bank of Jordan, Annual Report, (c) IFS Time span: 1980-96 with missing data Assets Banklike Institutions Other financial corporations, including: finance companies, (Source a) investment companies, securities companies. However, institutions included may change from time to time. Insurance Companies Insurance companies coompanies. (Source b) Development Banks Specialized credit institutions, including Cities and Village Development Bank, Industrial Development Banks, Housing and Development Corporation, Agricultural Credit Corporations and Jordan Co-operative Organization Private credit: Banklike Institutions Other financial corporations (loans and corporate bonds/shares) (Source a) Insurance Companies (Source b) Insurance companies (investment in shares) Development Banks Specialized credit institutions (included institutions vary over time) (Source c) Kenya Sources: (a) Central Bank of Kenya, Quarterly Economic Review (b) Central Bank of Kenya, Statistical Bulletin (c) IFS Time span: 1980-97 Assets: Banklike Institutions Kenya Post Office Savings Bank.(data since 84 from Source b, before 84 from a) Nonbank financial institutions.(Source b) Private credit (Source c): Banklike Institutions Banklike financial institutions Korea Page 18 Sources: (a) Bank of Korea, Monthly Statistical Bulletin (b) IFS Time span: 1980-97 Assets (Source a): Banklike Institutions Mutual savings and finance companies Credit unions Community credit cooperatives Postal Savings and Postal Life Insurance companies Mutual credits Investment institutions Investment and finance institutions, since 93 incl. in merchant banks Merchant banking companies Investment trust companies Korea securities and finance companies Trust accounts of banks Insurance Companies Non-life insurance companies Life insurance companies Development Banks Korea Development Bank Export-Import Bank of Korea Korea Long-Term Credit Bank Private credit Lines included in data collected from source a: loans, stocks, debentures Banklike Institutions Mutual savings and finance companies (Source a) Credit unions (Source a) Community credit cooperatives (Source a) Mutual credits (Source a) Trust accounts of banks Insurance Companies Life insurance companies (Source b) Development Banks Development Banks (Source b) Malawi Source: Reserve Bank of Malawi, Financial and Economic Review Time span: 1981-97 Assets: Banklike institutions New Building Society P.O.Savings Bank Natl. Finance Company Leasing and Finance Company Insurance Companies Insurance companies and Assurance Companies Development Banks Investment and Development Bank Private credit Lines included: Private sector Banklike institutions New Building Society National Finance Company Insurance Companies Insurance companies and assurance companies Development Banks Investment and Development Bank Malaysia Page 19 Sources: (a) Bank Negara Malaysia, Quarterly Bulletin (b) Bank Negara Malaysia, Money and Banking in Malaysia (c) Annual Report of the Director General of Insurance companies. Time span: 1980-97 Assets: Banklike Institutions National Savings Bank (used to be Post Savings bank before 1974, Source b). Co-operative societies (Source b). Merchant banks (Source a) Discount houses (Source b) Finance companies (Source a) Building societies, Pilgrims Management and Fund Board, Cagamas Berhard, Credit Guarantee Corporation, leasing, factoring and venture capital companies (Source b) Insurance Companies (Source c) Life insurance funds General insurance funds Pooled Investment Schemes Unit trust (Source b) Development Banks Development institutions (Malaysia Industrial Development Finance, Agricultural Bank, Borneo Development Corporation, Sabah Credit Corporation, Development Bank of Malaysia, Industrial Bank of Malaysia, Sabah Development Bank). (Source b) Private credit Lines included are: Loans and corporate bonds/stocks Banklike Institutions National Savings Bank (used to be Post Savings bank before 1974, Source b). Co-operative societies (savings institutions, Source b). Merchant banks (Source a) Discount houses (Source b) Finance companies (Source a) Building societies, Pilgrims Management and Fund Board, Cagamas Berhard, Credit Guarantee Corporation, leasing, factoring and venture capital companies (Source b) Insurance Companies(Source c) Life insurance funds General insurance funds Development Banks Development institutions (Malaysia Industrial Development Finance, Agricultural Bank, Borneo Development Corporation, Sabah Credit Corporation, Development Bank of Malaysia, Industrial Bank of Malaysia, Sabah Development Bank). (Source b) Malta Source: IFS Time span: 1980-97 Private credit Banklike institutions Banks that grant long-term loans and do not offer deposits Mexico Sources: (a) Banco de Mexico, Indicadores Economicos (b) IFS Time span: 1980-97 All numbers are recursos totales Assets (Source a): Banklike Institutions Factoring companies Leasing companies Warehouse companies. Insurance Companies Insurance companies Page 20 Development Banks Development Banks Development funds Private credit: Banklike Institutions Factoring companies (cartera de factoraje con recursos y deudores diversos) (Source a) Leasing companies (cartera vigente) Warehouse companies (otras inversiones, creditos, deudores diversos) Insurance Companies ( Insurance companies (inversiones, prestamos/creditos al sector privado, deudores) Development Banks Development Banks (Source b) Development funds Morocco Source: IFS Time span: 1980-96 Private credit: Development Banks National Development Bank, National Agriculture Bank, Credit Immobilier et Hotelier Caisse de Depots et de Gestion, Caisse des Marches Netherlands Sources: (a) Nederlandse Bank, Annual Bulletin There are varying definitions of the different groups and in different source (b) OECD, Methodological Supplement The Statistical Yearbook presents signifcantly different numbers Time span: 1980-96 Assets: Banklike Institutions Mortgage banks and building societies (Source b) Private sector financial institutions: lombard banks/finance companies, special institutions for financing export and industry, bill-brokers, municipal credit banks) (Spource b) Savings banks til 82 (classification according to OECD), for Private credit til' 85 Insurance Companies Life and nonlife insurance companies (source a) Private Pension Funds Private pension funds (Source a) Pooled Investment Schemes Open-end investment companies (Source b) til 1990 Investment institutions (Source a) since 1991 Development Banks Local government banks (Source b) Private credit (Source a): Included lines are: short-term claims on persons/businesses, domestic securities by private sector, loans to the private sector shares, mortgage loans Insurance Companies Life and nonlife insurance companies Private Pension Funds Private pension funds New Zealand Sources: (a) Reserve Bank of New Zealand, Bulletin (b) IFS Time span: 1980-1996 Assets (Source a): Insurance Companies Life insurance companies Private credit (Source b): Insurance Companies Life insurance companies Page 21 Nigeria Source: Central Bank of Nigeria, Annual report Time span: 1980-95 with missing data Assets: Banklike Institutions Community banks, privately owned micro-finance institutions Discount houses Primary mortgage institutions Finance companies Insurance Companies Insurance companies Development Banks Nigerian Bank for Commerce and Industry People's Bank of Nigeria Nigerian Agricultural and Co-operative Bank Federal Mortgage Bank of Nigeria Nigerian Industrial Development Bank Private credit: Included lines are: loans and private securities Banklike Institutions Community banks, privately owned micro-finance institutions Primary mortgage institutions Finance companies Insurance Companies Insurance companies Development Banks Nigerian Bank for Commerce and Industry People's Bank of Nigeria Norway Sources: (a) Central Bureau of Statistics of Norway, Statistical Yearbook (b) Bank of Norway, Economic Bulletin (c) IFS Time span: 1980-95 Assets (Source a): Banklike Institutions Private credit enterprises/mortgage institutions Private financial companies Insurance Companies Life insurance companies Non-life insurance companies Pension Schemes Private and municipal pension schemes Pooled Investment Schemes Unit trust funds Development Banks State lending institutions Private credit: Lines included in data collected from source b are: other bonds, other certificates, loans to the public/nonfinancial enterprises and municipalities, shares, definitions vary over time and across categories Banklike Institutions Private Credit enterprises/Mortgage Institutions (Source b) Private financial companies Insurance Companies (Source b) Life insurance companies Non-life insurance companies Pension Schemes (Source b) Private and municipal pension schemes Page 22 Pooled Investment Schemes Unit trust funds Development Banks State lending institutions (Source c) Pakistan Sources: (a) State Bank of Pakistan, Banking Statistics (b)The Pakistan Insurance companies Yearbook Time span: 1980-95 Assets: Insurance Companies (Source b) State Life Insurance companies Corporation Non-life insurance companies Development Banks Agricultural Development Bank of Pakistan (Source a) Industrial Development Bank of Pakistan Pakistan Industrial Credit and Investment Corporation National Development Finance Corporation House Building Finance Corporations Pakistan-Kuwait Investment Company Ltd. Pak-Libya Holding Company Ltd. Saudi-Pak Industrial and Agricultural Investment Company Ltd. Bankers Equity Ltd. Paraguay Source: Banco Central de Paraguay, Boletin Estadistico Assets: Banklike Institutions S&L associations for housing Finance companies Development Banks National Development Bank Cattle Fund Peru Source: IFS Time span: 1980-97 Private credit Development Banks 5 Development Banks Philippines Source: National Census and Statistics Office, Philippine Yearbook Time span: 1980-90 All numbers are total resources Assets: Banklike Institutions Thriftbanks (Savings banks, private development banks, stock S&L associations) Rural non-deposit banks Financing companies Venture capital corporations Pawnshops Lending investors Nonstock savings and loan associations Mutual building and loan associations Insurance Companies Life insurance companies Nonlife insurance companies Page 23 Private Pension Funds Funds manager Pooled Investment Schemes Investment companies Development Banks Specialized government banks (Development Bank of the Philippines, Land Bank of the Philippines, Philippine Amanah Bank) Portugal Source: Instituto Nacional de Estatistica, Estatisticas monetarias e financeiras Time span: 1980-1988,1991-96 Assets: Banklike Institutions Agricultural credit cooperatives Central agricultural credit cooperatives Finance and credit companies Other intermediaries Insurance Companies Life insurance companies Nonlife insurance companies Pension Funds Private Pension funds Pooled Investment Schemes Investment funds Development Banks National Development Bank Rwanda Source: IFS Time span: 1980-96 Private credit Development Banks Development Bank Saudi Arabia Source: IFS Time span: 1980-96 Private credit Development Banks Saudi Agricultural Bank, Saudi Industrial Development Fund, Public Investment Fund, Real Estate Development Fund, Saudi Credit Bank Singapore Sources: (a) Monetary Authority of Singapore, Monthly statistical bulletin (b) Monetary Authority of Singapore, Annual Report (c) Development Bank of Singapore, Annual Report (d) IFS Time span: 1980-96 Assets: Banklike Institutions Finance companies (Source a) Merchant banks (Source a) Total amount lent by pawnbrokers (Source a) Insurance Companies Insurance companies (Source b) Development Bank Development Bank of Singapore (Source c) Private credit: Banklike Institutions Finance companies (Source d) Page 24 Insurance Companies Life insurance offices (Source d) Development Bank Development Bank of Singapore (Source c, lines included: loans, investments, equity and corporate bonds) Solomon Islands Source: Central Bank of Solomon Islands, Annual report Time span: 1985-93 Assets Banklike institutions Other local financial institutions Development Banks Development Bank of Solomon Islands South Africa Source: South African Reserve Bank, Quarterly Bulletin Time span: 1980-97 Assets: Banklike Institutions Participation mortgage bond schemes, excluding hire-purchase finance companies, factoring and other similar finance companies, not registered as financial institutions - total funds received and invested Finance companies Insurance Companies Long-term insurers (life) Short-term insurers (nonlife) Pooled Investment Schemes Unit trusts Pension Funds Private self-administered pension and provident funds Development Bank National Finance Corporation of South Africa Land and Agricultural Bank of South Africa Private credit: Lines included are: loans other than to public sector and other securities Insurance Companies Long-term insurers (life) Short-term insurers (nonlife) Pension Funds Private self-administered pension and provident funds Spain Sources: (a) Banco de Espana, Boletin Estadistico (b) Banco de Espana, Cuentas financieras de la economia espanola (c) IFS Time span: 1980-97 Assets: Banklike Institutions (Source a) Specialized credit institutions (money market intermediary companies, mortgage loan companies, financial leasing companies, finance and factoring companies and other specialised credit institutions Insurance Companies Insurance companies (financial assets) (Source b) Pooled Investment Schemes: Portfolio investment institutions (Source a) Development Banks: Official credit institutions (official credit institute and til 93 official credit banks) (Source a) Private credit: Banklike Institutions (Source c) Specialized credit institutions (money market intermediary companies, mortgage loan companies, financial Page 25 leasing companies, finance and factoring companies and other specialised credit institutions Insurance Companies Insurance companies (short-term securities, bonds, ahres and loans, (Source b) all of these to non-financial enterprises and households) Sri Lanka Sources: (a) Central Bank of Sri Lanka, Bulletin (b) Annual report of National Savings Bank (c) Annual report of National Development Bank (d) Annual report of Development Finance Corporation Time span: 1980-96 Assets: Banklike Institutions National Savings Bank (Source b) Development Banks Development Finance Corporation, total loans and equities outstanding (Source d) State Mortgage and Investment Bank, total loans outstanding (Source a) National Development Bank (Source c) Private credit: Included line is: total loans Banklike Institutions National Savings Bank (Source b) Development Banks Development Finance Corporation (Source d) National Development Bank (Source c) Sweden Sources: (a) Sveriges Riksbank, Statistical Yearbook (b) IFS Time span: 1980-97 Assets (Source a): Banklike Institutions Finance companies Mortgage companies (local govt. credit instit. and business credit instit.) Housing credit institutions Insurance Companies: Life insurance companies Nonlife insurance companies Pooled Investment Schemes Mutual funds Private credit (Source b): Banklike Institutions Finance companies Mortgage companies (local govt. credit instit. and business credit instit.) Housing credit institutions Insurance Companies: Life insurance companies Nonlife insurance companies Switzerland Source: (a) Banque Nationale Suisse, Les banques suisses en ... (b) Swiss National Bank, Monthly Bulletin (c) IFS Time span: 1980-97 Assets: Banklike Institutions (Source a) Private banks (trust accounts, security companies) Mortgage banks Clearing banks (3 banks, one owned by agricultural coop, one by regional banks, the third is an intl. clearing bank) Page 26 Pooled Investment Schemes Investment funds (Source b) Private credit (Source c): Insurance Companies Life insurance offices Taiwan Source: Central Bank of China, Financial Statistics Monthly Time span: 1980-97 Assets: Banklike Institutions Credit cooperative associations Credit departments of farmers' and fishermen's associations Postal Savings System Bills finance companies Fuh-Hua securities finance companies Investment and trust companies Insurance Companies Life insurance companies Property and casualty insurance companies Private credit: Lines included are: loans, securities private sector, corporate bonds and commercial papers Banklike Institutions Credit cooperative associations Credit departments of farmers' and fishermen's associations Postal Savings System Bills finance companies Fuh-Hua securities finance companies Investment and trust companies Insurance Companies Life insurance companies Property and casualty insurance companies Thailand Sources: (a) Bank of Thailand, Quarterly Bulletin (b) IFS Time span: 1980-97 Assets (Source a): Banklike Institutions Government Savings Bank Finance and securities companies Development Banks Bank for Agriculture and Agricultural Cooperatives Govemment Housing Bank Industrial Finance Corporation of Thailand Export-Import Bank Private credit (Source b): Banklike Institutions Govemment Savings Bank Finance and securities companies Development Banks Bank for Agriculture and Agricultural Cooperatives Govemment Housing Bank Industrial Finance Corporation of Thailand Export-import Bank Tonga Source: IFS Time span: 1980-97 Private credit: Page 27 Development Banks Tonga Development Bank Trinidad and Tobago Sources: (a) Central Bank of Trinidad and Tobago, Quarterly Statistical Digest (b) IFS Time span: 1980-96 Assets (Source a): Banklike Institutions Finance companies & merchant banks Trust and mortgage finance comp Thrift instititutions Insurance Companies Life insurance companies Development Banks Private credit (Source b): Banklike Institutions Finance companies and merchant banks Trust and mortgage finance companies Thrift instititutions Insurance Companies Life insurance companies Development Banks Tunisia Source: Banque centrale de Tunisie, Statistiques financieres Time span: 1990-1997 Assets: Banklike Institutions Leasing companies Off-shore banks Development Banks Development Banks Private credit: Line included: Creance/credit a l'economie Banklike Institutions Leasing companies Off-shore banks Development Banks Development Banks Turkey Sources: (a) Central Bank of Republic of Turkey, Quarterly Bulletin of Statistics (b) IFS Time span: 1987-97 Assets (Source a): Banklike Institutions Special finance houses Development Banks Investment and development banks Private credit (Source b): Development Banks Investment and development banks United Kingdom Sources: (a) Central Statistical Office, Annual Abstract of Statistics (b) Office for National Statistics, Financial Statistics Time span: 1980-97 Page 28 Assets (Source a): Banklike Institutions Discount houses Finance houses and other specialized credit-granting institutions (data after 89 from Source b) Investment trusts Insurance Companies Insurance companies - long term Friendly societies (included with life insurance) Insurance companies-other than long-term Private Pension Funds Self-administered pension funds Industrial and provident societies Pooled Investment Schemes Unit trusts Private credit (Source a): Included lines are: company securities, loans and mortgages Banklike Institutions Finance houses and other specialized credit-granting institutions (data after 89 from Source b) Investment trusts Insurance Companies Insurance companies - long term Insurance companies-other than long-term Private Pension Funds Self-administered pension funds Pooled Investment Schemes Unit trusts USA Source: Federal Reserve System, Flow of Funds Accounts Time span: 1980-1997 All asset numbers are total financial assets Assets: Banklike Institutions Issuers of asset-backed securities Finance companies Mortgage companies Funding corporations (funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations) Bank personal trusts and estates Insurance Companies Life insurance companies Other insurance companies Private Pension Funds Private pension funds (includes Federal Employees' Retirement System Thrift Savings Plan) Pooled Investment Schemes: Mutual funds and closed-end funds Real estate investment trusts Development Banks Government-sponsored enterprises ( Federal Home Loan Banks, National Mortgage Ass., Federal Home Loan Mortgage Corp., Farm Credit System, the Financing Corp., the Resolution Funding Corp., and the Student Loan Marketing Ass.) and federally related mortgage pools (GNMA, FNMA, FHLMC) and Farmers Home Administration pools. Private credit: Lines included are: corporate and foreign bonds, corporate equities, other loan and advances, consumer credit and mortgages Banklike Institutions Issuers of asset-backed securities Finance companies Mortgage companies Funding corporations (funding subsidiaries, nonbank financial holding companies, and Page 29 custodial accounts for reinvested collateral of securities lending operations) Bank personal trusts and estates Insurance Companies Life insurance companies Other insurance companies Private Pension Funds Private pension funds (includes Federal Employees' Retirement System Thrift Savings Plan) Pooled Investment Schemes Mutual funds and closed-end funds Real Estate Investment Trusts Development Banks Govemment-sponsored enterprises ( Federal Home Loan Banks, National Mortgage Ass., Federal Home Loan Mortgage Corp., Farm Credit System, the Financing Corp., the Resolution Funding Corp., and the Student Loan Marketing Ass.) and federally related mortgage pools (GNMA, FNMA, FHLMC) and Farmers Home Administration pools. Uruguay Source: Banco Central del Uruguay, Boletin Estadistico Time span: 1980-1996 Private credit Line included: credit al sector privado Banklike Institutions Banco Hiptecario S&L associations Venezuela Sources: (a) Banco Central de Venezuela, Boletin Mensual (b) Oficina Central de Estadistica e Informatica, Anuario Estadistico de Venezuela Time span: 1980-92, 94/95 Assets: Banklike Institutions (Source a) Mortgage banks Venezuela Workers Bank National S&L System Finance companies Investment banks Leasing companies Insurance Companies Insurance companies (Source b) Pooled Investment Schemes Mutual funds (Source a) Money market funds Development Banks (Source a) Agricultural Development Bank Private credit (Source a): Lines included: sector privado en conceptos monetarios Banklike Institutions Mortgage banks Venezuela Workers Bank National S&L System Finance companies (prestamos e inversiones al sector privado) Investment banks Pooled Investment Schemes Mutual funds Development Banks Agricultural Development Bank Zimbabwe Sources: (a) Reserve Bank of Zimbabwe, Quarterly Economic and Statistical Review Page 30 (b) Central Statistical Office, Monthly Digest of Statistics (c) Annual Report of Zimbabwe Development Bank. (d) Report of the Registrar of Insurance companies (e) Reports of the Registrar of Pension and Provident Funds (f) IFS Time span: 1980-96 Assets: Banklike Institutions Building societies (Source a) PO Savings Bank. Finance houses. Insurance Companies(Source d) Life insurance companies Nonlife insurance companies Private Pension Funds Pension and provident funds (Source e) Development Banks Agricultural Finance Corporation. (Source b) Zimbabwe Development Bank (Source c) Private credit Except for data from source f, included lines are: loans, debentures and stocks/shares Banklike Institutions Building Societies (Source f) PO Savings Bank. Finance houses. Insurance Companies(Source d) Life insurance companies Nonlife insurance companies Development Banks Agricultural Finance Corporation. (Source b) Zimbabwe Development Bank (Source c) Life insurance penetration and density Data on life insurance premium volume are from various issues of Sigma Data on total population and the purchasing power parity conversion factor (local currency unit per international $) are from the electronic version of theWorld Development Indicators. Data on GDP in local currency are from the electronic version of the IFS, either line 99B..ZF or, if not available, line 99B.CZF. The deflators in in US dollars are from the IFS, as described in the appendix for section il. Section V Stock Market Data Data on market capitalization and total value traded are mostly from the IFC's Emerging Market Database, with additional data from Goldman Sachs (1986) Data on GDP in US dollars are from the electronic version of theWorld Development Indicators. Data on GDP in local currency are from the electronic version of the IFS, either line 99B..ZF or, if not available, line 99B.CZF. The deflators in local currency and in US dollars are from the IFS, as described in the appendix for section II. Bond Market Data Data on private and public market capitalization are from the Bank for International Settlement Quarterly Review on International Banking and Financial Market Development. They were downloaded from the BIS' webpage and are from Table 15: Domestic Debt Securities, by sector and country of issuer. Page 31 Data on GDP in US dollars are from the electronic version of the World Development Indicators The deflators in US dollars are from the IFS, as described in the appendix for section 11. Primary Market Data Data for the following countries were obtained from Aylward and Glen (1998). They were obtained from national sources. Contributing organizations are: Argentina Bolsa de Comercio de Buenos Aires Brazil Comissao de Valores Mobiliaios, Bolsa de Valores do Rio de Janeiro Chile Banco Central de Chile, Superintendencia de Valores y Seguros China, P.R. China Securities Regulatory Commission Columbia Superintendencia de Valores, Banco de la Republica Hong Kong Hong Kong Monetary Authority Hungary Hungarian State Treasury, Government Debt Management Agency India Reserve Bank of India Malaysia Kuala Lumpur Stock Exchange, Bank Negara Malaysia Indonesia Capital Market Supervisory Agency Jamaica The Jamaica Stock Exchange Jordan Amman Financial Market Kenya Capital Markets Authority Korea The Bank of Korea Mauritius Bank of Mauritius, Stock Exchange Commision Mexico Bolsa Mexicana de Valores, Comisi6n Nacional Bancaria y de Valores, Banco de Mexico Morocco Bank Al-Maghrib, Moroccan Securities Commission Pakistan Corporate Law Authority, Karachi Stock Exchange (Guarantee) Ltd. Peru Comisi6n Nacional Supervisora de Empresas y Valores Philippines Bangko Sentral Pilipinas Portugal Comissao do Mercado de Valores Mobiliaroios Singapore Monetary Authority of Singapore Sri Lanka Colombo Stock Exchange, Securites and Exchange Commission of Sri Lanka Taiwan, R.C. Central Bank of China Thailand Bank of Thailand, Securities and Exchange Commission, The Stock Exchange of Thailand Tunisia Conseil du Marche Financier Turkey Capital Market Board of Turkey Venezuela Comisi6n Nacional de Valores Germany OECD Financial Statistics Monthly Japan OECD Financial Statistics Monthly United States OECD Financial Statistics Monthly Great Britain OECD Financial Statistics Monthly The following country data were taken from OECD Financial Statistics Monthly. Listed will be the country and line numbers for equity and debt issues Austria Shares: A.1 Bonds: B.1.1 + B.1.2 c+d+e Canada Shares: A.1 Bonds: B.1.1 + B.1.2 d+e+f+g Denmark Shares: A.1 Bonds: B.1.1 c+d+e Finland Shares: N/A Bonds: B.1.1 c+d+e + B.1.2 c+d+e France Shares: A.1 a+b+c Bonds: B.1.1 c+d+e Greece Shares: A.1 b+c Bonds: B.1.1 c+d+e Italy Shares: A.1 Bonds: B.1.1. c+d+e Luxembourg Shares: A.1 Bonds: B.1.1 c+d+e B.1.2 e Netherlands Shares: A.1 b+c Bonds: B.1.1 c+d+el +e2+ B.1.2 e Norway Shares: N/A Bonds: B.1.1 + B.1.2 c+d+e Portugal Shares: A.1 Bonds: B.1.1 + B.1.2 c+d+e Spain Shares: A.1 Bonds: B.1.1 c+d+e Sweden Shares: A.1 a+b+c Bonds: B.1.1 c+d+e Switzerland Shares: A.1.1 a+b+c Bonds: B.1.1 c+d+e + B.1.2 c+d+e Page 32 Policy Research Working Paper Series Contact Title Author Date for paper WPS2124 Social Exclusion and Land Robin Mearns May 1999 G. Burnett Administration in Orissa, India Saurabh Sinha 82111 WPS2125 Developing Country Agriculture and Bernard Hoekman May 1999 L. Tabada The New Trade Agenda Kym Anderson 36896 WPS2126 Liberte, Egalite, Fraternite: Monica Das Gupta May 1999 M. Das Gupta Exploring the Role of Governance 31983 In Fertility Decline WPS2127 Lifeboat Ethic versus Corporate Monica Das Gupta May 1999 M. Das Gupta Ethic: Social and Demographic 31983 Implications of Stem and Joint Families WPS2128 Learning Outcomes and School Gladys Lopez Acevedo May 1999 M. Geller Cost-Effectiveness in Mexico: 85155 The PARE Program WPS2129 Agricultural Extension: Generic Gershon Feder May 1999 P. Kokila Challenges and Some Ingredients Anthony Willett 33716 for Solutions Willem Zijp WPS2130 Deep Integration, Nondiscrimination, Bernard Hoekman May 1999 L. Tabada and Euro-Mediterranean Free Trade Denise Eby Konan 36896 WPS2131 Efficiency Wage and Union Effects William F. Maloney May 1999 T. Gomez In Labor Demand and Wage Eduardo Pontual Ribeiro 32127 Structure in Mexico: An Application Of Quantile Analysis WPS2132 A Regime-Switching Approach to Maria Soledad Martinez June 1999 A. Yaptenco Studying Speculative Attacks: Peria 38526 A Focus on European Monetary System Crises WPS2133 Resolution of Corporate Distress: Stijn Claessens June 1999 R. Vo Evidence from East China's Simeon Djankov 33722 Financial Crisis Leora Klapper WPS2134 Interlinkage, Limited Liability, and Kaushik Basu June 1999 M. Mason Strategic Interaction Clive Bell 30809 Pinaki Bose WPS2135 Hungary's Integration into Bartlomiej Kaminski June 1999 L. Tabada European Union Markets: 36896 Production and Trade Restructuring Policy Research Working Paper Series Contact Titie Author Date for paper WPS2136 An Empirical Analysis of Competition, Scott J. Wallsten June 1999 P. Sintim-Aboagye Privatization. and Regulation in 38526 Telecommunications Markets in Africa and Latin America WPS2137 Globalization and National Andres Solimano June 1999 D. Cortijo Development at the End of the 84005 20" Century: Tensions and Challenges WPS2138 Multilateral Disciplines for Bernard Hoekman June 1999 L. Tabada investment-Related Policies Kamal Saggi 36896 WPS2139 Small States, Small Probiems? William Easterly June 1999 K. Labrie Aart Kraay 31001 WPS2140 Gender Bias in China, the Republic Monica Das Gupta June 1999 M. Das Gupta Of Korea, and India 1920-90: Li Shuzhuo 31983 Effects of War, Famine, and Fertility Decline WPS2141 Capital Flows, Macroeconomic Oya Celasun July 1999 L. Nathaniel Management, and the Financial Cevdet Denizer 89569 System: Turkey, 1989-97 Dong He WPS2142 Adjusting to Trade Policy Reform Steven J. Matusz July 1999 L. Tabada David Tarr 36896 WPS2143 Bank-Based and Market-Based Asli Demirguc-Kunt July 1999 K. Labrie Financial Systems: Cross-Country Ross Levine 31001 Comparisons WPS2144 Aid Dependence Reconsidered Jean-Paul Azam July 1999 H. Sladovich Shantayanan Devarajan 37698 Stephen A. O'Connell WPS2145 Assessing the Impact of Micro-credit Hassan Zaman July 1999 B. Mekuria on Poverty and Vulnerability in 82756 Bangladesh / ,