The Financial Development report 2012
.pdf2: Country/Economy Profiles
Philippines
Financial Development Index in detail |
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ν Development Advantage |
ν Development Disadvantage |
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indicator |
rank/62 |
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value |
best Performer |
Value |
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1st pillar: Institutional environment |
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Financial sector liberalization |
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1.01 |
Capital account liberalization........................................................ |
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52 |
......ν |
...................1.9 |
Multiple (25).......................... |
7.0 |
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1.02 |
Commitments to WTO Agreement on Trade in Services............... |
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24. |
.....ν................... |
5.5 |
Multiple (17).......................... |
7.0 |
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1.03 |
Domestic financial sector liberalization.......................................... |
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28. |
.....ν................... |
6.6 |
Multiple (24).......................... |
7.0 |
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Corporate governance |
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1.04 |
Extent of incentive-based compensation...................................... |
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27. |
.....ν................... |
4.3 |
United Kingdom................... |
5.3 |
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1.05 |
Efficacy of corporate boards......................................................... |
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28. |
.....ν................... |
4.7 |
South Africa......................... |
5.8 |
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1.06 |
Reliance on professional management......................................... |
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25. |
.....ν................... |
4.9 |
Finland................................. |
6.3 |
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1.07 |
Willingness to delegate ................................................................ |
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22. |
.....ν................... |
4.5 |
Denmark.............................. |
6.2 |
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1.08 |
Strength of auditing and reporting standards................................ |
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26. |
.....ν................... |
5.1 |
South Africa......................... |
6.6 |
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1.09 |
Ethical behavior of firms............................................................... |
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43. |
.....ν................... |
3.7 |
Finland................................. |
6.5 |
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1.10 |
Protection of minority shareholders’ interests............................... |
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33. |
.....ν................... |
4.3 |
Finland................................. |
6.1 |
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Legal and regulatory issues |
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1.11 |
Burden of government regulation................................................. |
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39. |
.....ν................... |
3.0 |
Singapore............................. |
5.6 |
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1.12 |
Regulation of securities exchanges.............................................. |
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33. |
.....ν................... |
4.6 |
South Africa......................... |
6.5 |
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1.13 |
Property rights ............................................................................ |
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41. |
.....ν................... |
4.1 |
Finland................................. |
6.5 |
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1.14 |
Intellectual property protection..................................................... |
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46. |
.....ν................... |
3.2 |
Finland................................. |
6.3 |
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1.15 |
Diversion of public funds.............................................................. |
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47. |
.....ν................... |
2.8 |
Denmark.............................. |
6.3 |
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1.16 |
Public trust in politicians .............................................................. |
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42. |
.....ν................... |
2.4 |
Singapore............................. |
6.3 |
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1.17 |
Corruption perceptions index....................................................... |
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56. |
.....ν................... |
2.6 |
Finland................................. |
9.4 |
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1.18 |
Strength of legal rights index........................................................ |
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46. |
.....ν................... |
4.0 |
Multiple (6).......................... |
10.0 |
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1.19 |
Central bank transparency........................................................... |
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24. |
.....ν................... |
9.5 |
Sweden.............................. |
15.0 |
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Contract enforcement |
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1.20 |
Effectiveness of law-making bodies.............................................. |
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43. |
.....ν................... |
3.2 |
Singapore............................. |
6.4 |
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1.21 |
Judicial independence.................................................................. |
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53. |
.....ν................... |
3.0 |
Finland................................. |
6.5 |
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1.22 |
Irregular payments in judicial decisions......................................... |
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55. |
.....ν................... |
3.0 |
Denmark.............................. |
6.8 |
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1.23 |
Time to enforce a contract........................................................... |
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55. |
.....ν............... |
842.0 |
Singapore......................... |
150.0 |
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1.24 |
Number of procedures to enforce a contract................................ |
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41. |
.....ν................. |
37.0 |
Multiple (2).......................... |
21.0 |
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1.25 |
Strength of investor protection index............................................ |
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57. |
.....ν................... |
4.0 |
Singapore............................. |
9.3 |
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1.26 |
Cost of enforcing contracts ......................................................... |
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35. |
.....ν................. |
26.0 |
Norway................................ |
9.9 |
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2nd pillar: Business environment |
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Human capital |
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2.01 |
Quality of management schools................................................... |
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27. |
.....ν................... |
4.7 |
United Kingdom................... |
6.1 |
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2.02 |
Quality of math and science education......................................... |
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48. |
.....ν................... |
3.6 |
Singapore............................. |
6.3 |
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2.03 |
Extent of staff training................................................................... |
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23. |
.....ν................... |
4.6 |
Switzerland.......................... |
5.6 |
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2.04 |
Local availability of specialized research and training services....... |
42. |
.....ν................... |
4.3 |
Switzerland.......................... |
6.4 |
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2.05 |
Brain drain................................................................................... |
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43. |
.....ν................... |
3.4 |
Switzerland.......................... |
6.3 |
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2.06 |
Tertiary enrollment ...................................................................... |
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45. |
.....ν................. |
28.9 |
Korea, Rep....................... |
103.1 |
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Taxes |
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2.07 |
Irregular payments in tax collection............................................... |
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55. |
.....ν................... |
3.2 |
Finland................................. |
6.9 |
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2.08 |
Distortive effect of taxes and subsidies on competition................. |
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24. |
.....ν................... |
4.2 |
United Arab Emirates........... |
5.9 |
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2.09 |
Marginal tax variation................................................................... |
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37. |
.....ν................... |
9.0 |
Kuwait................................ |
-4.8 |
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2.10 |
Time to pay taxes......................................................................... |
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27. |
.....ν............... |
195.0 |
United Arab Emirates......... |
12.0 |
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Infrastructure |
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2.11 |
Quality of overall infrastructure ..................................................... |
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50. |
.....ν................... |
3.6 |
Switzerland.......................... |
6.6 |
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2.12 |
Quality of electricity supply........................................................... |
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52. |
.....ν................... |
3.7 |
Netherlands.......................... |
6.8 |
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2.13 |
Internet users .............................................................................. |
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52. |
.....ν................. |
29.0 |
Norway.............................. |
94.0 |
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2.14 |
Broadband Internet subscriptions................................................ |
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50. |
.....ν................... |
1.9 |
Switzerland........................ |
39.2 |
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2.15 |
Telephone subscriptions............................................................... |
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55. |
.....ν................... |
7.2 |
Germany............................ |
63.1 |
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2.16 |
Mobile telephone subscriptions ................................................... |
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51. |
.....ν................. |
92.0 |
Hong Kong SAR............... |
209.6 |
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(continued)
The Financial Development Report 2012 | 225
2: Country/Economy Profiles
Philippines
Financial Development Index in detail (continued) |
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ν Development Advantage |
ν Development Disadvantage |
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indicator |
rank/62 |
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value |
best Performer |
Value |
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2nd pillar: Business environment (continued) |
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Cost of doing business |
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2.17 |
Cost of starting a business........................................................... |
55 |
......ν |
................. 19.1 |
Denmark.............................. |
0.0 |
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2.18 |
Cost of registering property ......................................................... |
37. |
.....ν |
...................4.8 |
Multiple (2)............................ |
0.0 |
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2.19 |
Cost of closing a business........................................................... |
60. |
.....ν................. |
38.0 |
Multiple (4)............................ |
1.0 |
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2.20 |
Time to start a business............................................................... |
57. |
.....ν................. |
35.0 |
Australia............................... |
2.0 |
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2.21 |
Time to register property.............................................................. |
40. |
.....ν................. |
39.0 |
Portugal............................... |
1.0 |
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2.22 |
Time to close a business.............................................................. |
61. |
.....ν................... |
5.7 |
Ireland.................................. |
0.4 |
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3rd pillar: Financial stability |
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Currency stability |
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3.01 |
Change in real effective exchange rate (REER)............................. |
52. |
.....ν................. |
-3.3 |
Brazil.................................... |
8.3 |
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3.02 |
External vulnerability indicator......................................................... |
8. |
.....ν................. |
25.1 |
Saudi Arabia......................... |
9.3 |
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3.03 |
Current account balance to GDP................................................. |
18. |
.....ν................... |
4.3 |
Kuwait................................ |
32.0 |
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3.04 |
Dollarization vulnerability indicator................................................ |
33. |
.....ν................. |
28.2 |
Multiple (25).......................... |
0.0 |
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3.05 |
External debt to GDP (developing economies).............................. |
20. |
.....ν................. |
34.7 |
China................................... |
9.6 |
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3.06Net international investment position to GDP
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(advanced economies)................................................................ |
n/a. |
........................... |
n/a |
Hong Kong SAR............... |
287.7 |
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Banking system stability |
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3.07 |
Frequency of banking crises......................................................... |
50...... ................... |
ν |
2.3 |
Multiple (9)............................ |
0.0 |
3.08 |
Financial strengths indicator......................................................... |
39...... ................... |
ν |
3.0 |
Multiple (3)............................ |
9.0 |
3.09 |
Aggregate measure of real estate bubbles.................................... |
43...... ................... |
ν |
3.9 |
Ireland.................................. |
6.9 |
3.10 |
Tier 1 capital ratio......................................................................... |
23...... ................. |
ν |
13.4 |
Ghana................................ |
22.7 |
3.11 |
Output loss during banking crises................................................ |
44...... ................. |
ν |
68.8 |
Multiple (20).......................... |
0.0 |
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Risk of sovereign debt crisis |
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3.12 |
Local currency sovereign rating.................................................... |
45...... ................. |
ν |
10.0 |
Multiple (10)........................ |
20.0 |
3.13 |
Foreign currency sovereign rating................................................. |
44...... ................. |
ν |
10.0 |
Multiple (10)........................ |
20.0 |
3.14 |
Aggregate macroeconomic indicator............................................ |
24...... ................... |
ν |
5.4 |
Peru..................................... |
6.4 |
3.15 |
Manageability of public debt ........................................................ |
34...... ................. |
ν |
50.9 |
Kuwait.................................. |
6.2 |
3.16 |
Credit default swap spreads......................................................... |
30...... ............... |
ν |
173.9 |
Norway.............................. |
36.2 |
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4th pillar: Banking financial services |
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Size index |
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4.01 |
Deposit money bank assets to GDP............................................. |
49...... ................. |
ν |
42.8 |
Ireland.............................. |
245.1 |
4.02 |
Central bank assets to GDP......................................................... |
22...... ................... |
ν |
3.1 |
Brazil.................................. |
18.3 |
4.03 |
Financial system deposits to GDP................................................ |
40...... ................. |
ν |
50.9 |
Hong Kong SAR............... |
305.8 |
4.04 |
M2 to GDP................................................................................... |
48...... ................. |
ν |
43.7 |
Hong Kong SAR............... |
320.5 |
4.05 |
Private credit to GDP.................................................................... |
52...... ................. |
ν |
27.7 |
Denmark.......................... |
229.8 |
4.06 |
Bank deposits to GDP................................................................. |
42...... ................. |
ν |
45.3 |
Hong Kong SAR............... |
305.8 |
4.07 |
Money market instruments to GDP.............................................. |
33...... ................... |
ν |
0.0 |
Ireland................................ |
18.6 |
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Efficiency index |
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4.08 |
Aggregate profitability indicator.................................................... |
42...... ................... |
ν |
4.4 |
Czech Republic.................... |
6.0 |
4.09 |
Bank overhead costs................................................................... |
47...... ................... |
ν |
3.0 |
Finland................................. |
0.6 |
4.10 |
Public ownership of banks........................................................... |
29...... ................... |
ν |
4.3 |
Multiple (22).......................... |
0.0 |
4.11 |
Bank operating costs to assets.................................................... |
43...... ................... |
ν |
3.1 |
Sweden................................ |
0.8 |
4.12 |
Non-performing bank loans to total loans..................................... |
29...... ................... |
ν |
3.3 |
Finland................................. |
0.5 |
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Financial information disclosure |
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4.13 |
Private credit bureau coverage .................................................... |
48...... ................... |
ν |
8.2 |
Multiple (12)...................... |
100.0 |
4.14 |
Public credit registry coverage ..................................................... |
26...... ................... |
ν |
0.0 |
Portugal............................. |
86.2 |
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5th pillar: Non-banking financial services |
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IPO activity |
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5.01 |
IPO market share ........................................................................ |
32...... ................... |
ν |
0.2 |
China................................. |
37.8 |
5.02 |
IPO proceeds amount ................................................................. |
23...... ................... |
ν |
0.2 |
Hong Kong SAR................... |
5.1 |
5.03 |
Share of world IPOs..................................................................... |
29...... ................... |
ν |
0.3 |
China................................. |
30.2 |
(continued)
226 | The Financial Development Report 2012
2: Country/Economy Profiles
Philippines
Financial Development Index in detail (continued) |
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ν Development Advantage |
ν Development Disadvantage |
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indicator |
rank/62 |
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value |
best Performer |
Value |
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5th pillar: Non-banking financial services (continued) |
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M&A activity |
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5.04 |
M&A market share ...................................................................... |
32 |
......ν |
...................0.4 |
United States..................... |
34.4 |
|
5.05 |
M&A transaction value to GDP..................................................... |
18. |
.....ν................... |
4.6 |
Hong Kong SAR................... |
9.9 |
|
5.06 |
Share of total number of M&A deals............................................. |
34. |
.....ν................... |
0.3 |
United States..................... |
23.3 |
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Insurance |
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5.07 |
Life insurance penetration............................................................ |
38. |
.....ν................... |
0.9 |
Ireland................................ |
19.8 |
|
5.08 |
Non-life insurance penetration...................................................... |
56. |
.....ν................... |
0.5 |
Netherlands.......................... |
9.5 |
|
5.09 |
Real growth of direct insurance premiums...................................... |
6. |
.....ν................. |
12.3 |
Argentina............................ |
21.9 |
|
5.10 |
Life insurance density................................................................... |
20. |
.....ν................... |
0.9 |
India................................... |
43.5 |
|
5.11 |
Non-life insurance density............................................................ |
32. |
.....ν................... |
0.4 |
China................................. |
16.1 |
|
5.12 |
Relative value added of insurance to GDP.................................... |
23. |
.....ν................... |
1.5 |
Bahrain................................. |
6.0 |
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Securitization |
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5.13 |
Securitization to GDP ................................................................... |
5. |
.....ν................... |
2.3 |
United States....................... |
5.1 |
|
5.14 |
Share of total number of securitization deals................................ |
14. |
.....ν................... |
1.1 |
United States..................... |
53.6 |
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6th pillar: Financial markets |
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Foreign exchange markets |
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6.01 |
Spot foreign exchange turnover .................................................. |
34. |
.....ν................... |
0.1 |
United Kingdom................. |
38.5 |
|
6.02 |
Outright forward foreign exchange turnover ................................. |
32. |
.....ν................... |
0.1 |
United Kingdom................. |
41.3 |
|
6.03 |
Foreign exchange swap turnover ............................................... |
39. |
.....ν................... |
0.1 |
United Kingdom................. |
33.3 |
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Derivatives markets |
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|
6.04 |
Interest rate derivatives turnover: Forward rate agreements.......... |
34. |
.....ν................... |
0.0 |
United Kingdom................. |
48.4 |
|
6.05 |
Interest rate derivatives turnover: Swaps ..................................... |
24. |
.....ν................... |
0.1 |
United Kingdom................. |
45.3 |
|
6.06 |
Interest rate derivatives turnover: Options ................................... |
n/a. |
........................... |
n/a |
United Kingdom................. |
50.4 |
|
6.07 |
Foreign exchange derivatives turnover: Currency swaps.............. |
16. |
.....ν................... |
0.9 |
United Kingdom................. |
32.1 |
|
6.08 |
Foreign exchange derivatives turnover: Options........................... |
19. |
.....ν................... |
0.2 |
United Kingdom................. |
55.3 |
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Equity market development |
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|
6.09 |
Stock market turnover ratio.......................................................... |
45. |
.....ν................. |
28.5 |
Turkey.............................. |
237.9 |
|
6.10 |
Stock market capitalization to GDP.............................................. |
30. |
.....ν................. |
60.3 |
Hong Kong SAR............... |
440.2 |
|
6.11 |
Stock market value traded to GDP............................................... |
42. |
.....ν................. |
11.2 |
Hong Kong SAR............... |
681.5 |
|
6.12 |
Number of listed companies per 10,000 people........................... |
46. |
.....ν................... |
0.0 |
Hong Kong SAR................... |
2.0 |
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Bond market development |
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|
6.13 |
Private domestic bond market capitalization to GDP.................... |
39. |
.....ν................... |
1.0 |
Denmark.......................... |
177.2 |
|
6.14 |
Public domestic bond market capitalization to GDP..................... |
27. |
.....ν................. |
30.0 |
Japan............................... |
208.5 |
|
6.15 |
Private international bonds to GDP............................................... |
33. |
.....ν................... |
6.4 |
Ireland.............................. |
202.8 |
|
6.16 |
Public international bonds to GDP................................................ |
11. |
.....ν................. |
12.9 |
Greece............................... |
70.8 |
|
6.17 |
Local currency corporate bond issuance to GDP........................... |
5. |
.....ν................... |
1.9 |
Malaysia............................... |
4.9 |
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7th pillar: Financial access |
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Commercial access |
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|
7.01 |
Financial market sophistication..................................................... |
36. |
.....ν................... |
4.7 |
United Kingdom................... |
6.8 |
|
7.02 |
Venture capital availability............................................................. |
39. |
.....ν................... |
2.7 |
Hong Kong SAR................... |
4.5 |
|
7.03 |
Ease of access to credit .............................................................. |
25. |
.....ν................... |
4.1 |
Hong Kong SAR................... |
5.0 |
|
7.04 |
Financing through local equity market.......................................... |
29. |
.....ν................... |
4.2 |
Hong Kong SAR................... |
5.7 |
|
7.05 |
Ease of access to loans............................................................... |
28. |
.....ν................... |
3.1 |
Bahrain................................. |
4.8 |
|
7.06 |
Foreign direct investment to GDP................................................. |
56. |
.....ν................... |
0.6 |
Hong Kong SAR................. |
34.2 |
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Retail access |
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|
7.07 |
Market penetration of bank accounts........................................... |
52. |
.....ν................. |
26.6 |
Denmark............................ |
99.7 |
|
7.08 |
Commercial bank branches ......................................................... |
43. |
.....ν................... |
7.7 |
Portugal............................. |
75.9 |
|
7.09 |
Total number of ATMs.................................................................. |
43. |
.....ν................. |
14.9 |
Korea, Rep....................... |
250.3 |
|
7.10 |
Debit card penetration.................................................................. |
50. |
.....ν................. |
13.2 |
Netherlands........................ |
97.6 |
|
7.11 |
Loan accounts at MFIs................................................................... |
6. |
.....ν................. |
32.2 |
Peru................................. |
121.2 |
|
7.12 |
Loan from a financial institution.................................................... |
26. |
.....ν................. |
10.5 |
Finland............................... |
23.9 |
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The Financial Development Report 2012 | 227
2: Country/Economy Profiles
Poland
Key indicators
Population (millions), 2011................................................................... |
37.9 |
GDP (US$ billions), 2011................................................................... |
513.8 |
GDP (current prices) per capita, 2011.......................................... |
13,539.8 |
GDP (PPP) as share (%) of world total, 2011....................................... |
0.98 |
Compound annual growth rate of real GDP (%), 2007—2011............. |
2.99 |
Financial assets by major type, 2010
27.7% |
36.1% |
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2.0%
34.2%
Total/GDP 146.3%
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US$ bn |
Public debt securities ........ |
247.7 |
Private debt securities ......... |
14.0 |
Banking deposits............... |
234.7 |
Equity securities ................ |
190.2 |
Total |
686.6 |
Financial Development Index 2012
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Rank (out of 62) |
Score (1—7 scale) |
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2012 Index |
37 |
3.4 |
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6 |
7 |
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inputs |
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Factors, policies, and institutions |
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1st pillar: Institutional environment |
36 |
4.1 |
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Financial sector liberalization |
45 |
3.5 |
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Corporate governance |
36 |
4.2 |
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Legal and regulatory issues |
25 |
4.3 |
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Contract enforcement |
30 |
4.4 |
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2nd pillar: Business environment |
36 |
4.4 |
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Human capital |
28 |
4.2 |
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Taxes |
22 |
5.4 |
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Infrastructure |
36 |
4.2 |
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Cost of doing business |
51 |
3.8 |
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3rd pillar: Financial stability |
40 |
4.3 |
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Currency stability |
51 |
3.2 |
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Banking system stability |
20 |
4.7 |
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Risk of sovereign debt crisis |
32 |
4.9 |
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6 |
7 |
Financial intermediation
4th pillar: Banking financial services |
44 |
3.2 |
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Size index |
46 |
1.6 |
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Efficiency index |
44 |
4.7 |
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Financial information disclosure |
26 |
3.2 |
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5th pillar: Non-banking financial services |
20 |
2.7 |
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IPO Activity |
4 |
4.9 |
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M&A Activity |
30 |
2.1 |
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Insurance |
39 |
2.5 |
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Securitization |
45 |
1.3 |
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6th pillar: Financial markets |
43 |
1.7 |
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Foreign exchange markets |
34 |
1.1 |
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Derivatives markets |
30 |
1.4 |
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Equity market development |
40 |
2.0 |
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Bond market development |
32 |
2.1 |
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3 |
4 |
5 |
6 |
7 |
Financial access
7th pillar: Financial access.................................................................. |
34 |
3.4 |
Commercial access........................................................................ |
40 |
3.3 |
Retail access.................................................................................. |
30 |
3.6 |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
outputs |
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Note: For further details and explanation, please refer to “How Read the Country/Economy Profiles.”
228 | The Financial Development Report 2012
2: Country/Economy Profiles
Poland
Financial Development Index in detail |
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ν Development Advantage |
ν Development Disadvantage |
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indicator |
rank/62 |
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value |
best Performer |
Value |
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1st pillar: Institutional environment |
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Financial sector liberalization |
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1.01 |
Capital account liberalization........................................................ |
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41 |
......ν |
...................3.5 |
Multiple (25).......................... |
7.0 |
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1.02 |
Commitments to WTO Agreement on Trade in Services............... |
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41. |
.....ν................... |
3.1 |
Multiple (17).......................... |
7.0 |
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1.03 |
Domestic financial sector liberalization.......................................... |
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44. |
.....ν................... |
3.8 |
Multiple (24).......................... |
7.0 |
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Corporate governance |
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1.04 |
Extent of incentive-based compensation...................................... |
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42. |
.....ν................... |
4.0 |
United Kingdom................... |
5.3 |
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1.05 |
Efficacy of corporate boards......................................................... |
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42. |
.....ν................... |
4.4 |
South Africa......................... |
5.8 |
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1.06 |
Reliance on professional management......................................... |
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43. |
.....ν................... |
4.2 |
Finland................................. |
6.3 |
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1.07 |
Willingness to delegate ................................................................ |
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40. |
.....ν................... |
3.7 |
Denmark.............................. |
6.2 |
|
1.08 |
Strength of auditing and reporting standards................................ |
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24. |
.....ν................... |
5.2 |
South Africa......................... |
6.6 |
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1.09 |
Ethical behavior of firms............................................................... |
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29. |
.....ν................... |
4.2 |
Finland................................. |
6.5 |
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1.10 |
Protection of minority shareholders’ interests............................... |
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47. |
.....ν................... |
4.0 |
Finland................................. |
6.1 |
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Legal and regulatory issues |
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1.11 |
Burden of government regulation................................................. |
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52. |
.....ν................... |
2.6 |
Singapore............................. |
5.6 |
|
1.12 |
Regulation of securities exchanges.............................................. |
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21. |
.....ν................... |
5.0 |
South Africa......................... |
6.5 |
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1.13 |
Property rights ............................................................................ |
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37. |
.....ν................... |
4.4 |
Finland................................. |
6.5 |
|
1.14 |
Intellectual property protection..................................................... |
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40. |
.....ν................... |
3.6 |
Finland................................. |
6.3 |
|
1.15 |
Diversion of public funds.............................................................. |
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25. |
.....ν................... |
4.0 |
Denmark.............................. |
6.3 |
|
1.16 |
Public trust in politicians .............................................................. |
|
40. |
.....ν................... |
2.4 |
Singapore............................. |
6.3 |
|
1.17 |
Corruption perceptions index....................................................... |
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24. |
.....ν................... |
5.5 |
Finland................................. |
9.4 |
|
1.18 |
Strength of legal rights index.......................................................... |
|
7. |
.....ν................... |
9.0 |
Multiple (6).......................... |
10.0 |
|
1.19 |
Central bank transparency........................................................... |
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19. |
.....ν................. |
10.5 |
Sweden.............................. |
15.0 |
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Contract enforcement |
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1.20 |
Effectiveness of law-making bodies.............................................. |
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40. |
.....ν................... |
3.3 |
Singapore............................. |
6.4 |
|
1.21 |
Judicial independence.................................................................. |
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29. |
.....ν................... |
4.2 |
Finland................................. |
6.5 |
|
1.22 |
Irregular payments in judicial decisions......................................... |
|
28. |
.....ν................... |
4.9 |
Denmark.............................. |
6.8 |
|
1.23 |
Time to enforce a contract........................................................... |
|
54. |
.....ν............... |
830.0 |
Singapore......................... |
150.0 |
|
1.24 |
Number of procedures to enforce a contract................................ |
|
41. |
.....ν................. |
37.0 |
Multiple (2).......................... |
21.0 |
|
1.25 |
Strength of investor protection index............................................ |
|
24. |
.....ν................... |
6.0 |
Singapore............................. |
9.3 |
|
1.26 |
Cost of enforcing contracts ........................................................... |
|
4. |
.....ν................. |
12.0 |
Norway................................ |
9.9 |
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2nd pillar: Business environment |
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Human capital |
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2.01 |
Quality of management schools................................................... |
|
48. |
.....ν................... |
4.0 |
United Kingdom................... |
6.1 |
|
2.02 |
Quality of math and science education......................................... |
|
35. |
.....ν................... |
4.1 |
Singapore............................. |
6.3 |
|
2.03 |
Extent of staff training................................................................... |
|
36. |
.....ν................... |
4.0 |
Switzerland.......................... |
5.6 |
|
2.04 |
Local availability of specialized research and training services....... |
24. |
.....ν................... |
4.8 |
Switzerland.......................... |
6.4 |
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2.05 |
Brain drain................................................................................... |
|
52. |
.....ν................... |
2.9 |
Switzerland.......................... |
6.3 |
|
2.06 |
Tertiary enrollment ...................................................................... |
|
15. |
.....ν................. |
70.5 |
Korea, Rep....................... |
103.1 |
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Taxes |
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2.07 |
Irregular payments in tax collection............................................... |
|
23. |
.....ν................... |
5.6 |
Finland................................. |
6.9 |
|
2.08 |
Distortive effect of taxes and subsidies on competition................. |
|
27. |
.....ν................... |
4.2 |
United Arab Emirates........... |
5.9 |
|
2.09 |
Marginal tax variation................................................................... |
|
13. |
.....ν................... |
1.6 |
Kuwait................................ |
-4.8 |
|
2.10 |
Time to pay taxes......................................................................... |
|
45. |
.....ν............... |
296.0 |
United Arab Emirates......... |
12.0 |
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Infrastructure |
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2.11 |
Quality of overall infrastructure ..................................................... |
|
43. |
.....ν................... |
4.0 |
Switzerland.......................... |
6.6 |
|
2.12 |
Quality of electricity supply........................................................... |
|
33. |
.....ν................... |
5.5 |
Netherlands.......................... |
6.8 |
|
2.13 |
Internet users .............................................................................. |
|
27. |
.....ν................. |
64.9 |
Norway.............................. |
94.0 |
|
2.14 |
Broadband Internet subscriptions................................................ |
|
28. |
.....ν................. |
14.4 |
Switzerland........................ |
39.2 |
|
2.15 |
Telephone subscriptions............................................................... |
|
41. |
.....ν................. |
18.1 |
Germany............................ |
63.1 |
|
2.16 |
Mobile telephone subscriptions ................................................... |
|
18. |
.....ν............... |
128.5 |
Hong Kong SAR............... |
209.6 |
|
(continued)
The Financial Development Report 2012 | 229
2: Country/Economy Profiles
Poland
Financial Development Index in detail (continued) |
|
ν Development Advantage |
ν Development Disadvantage |
||||
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indicator |
rank/62 |
|
value |
best Performer |
Value |
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2nd pillar: Business environment (continued) |
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Cost of doing business |
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|
2.17 |
Cost of starting a business........................................................... |
51 |
......ν |
................. 17.3 |
Denmark.............................. |
0.0 |
|
2.18 |
Cost of registering property ........................................................... |
5. |
.....ν |
...................0.4 |
Multiple (2)............................ |
0.0 |
|
2.19 |
Cost of closing a business........................................................... |
34. |
.....ν................. |
15.0 |
Multiple (4)............................ |
1.0 |
|
2.20 |
Time to start a business............................................................... |
52. |
.....ν................. |
32.0 |
Australia............................... |
2.0 |
|
2.21 |
Time to register property.............................................................. |
61. |
.....ν............... |
152.0 |
Portugal............................... |
1.0 |
|
2.22 |
Time to close a business.............................................................. |
41. |
.....ν................... |
3.0 |
Ireland.................................. |
0.4 |
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3rd pillar: Financial stability |
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Currency stability |
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|
3.01 |
Change in real effective exchange rate (REER)............................. |
30. |
.....ν................... |
0.4 |
Brazil.................................... |
8.3 |
|
3.02 |
External vulnerability indicator....................................................... |
27. |
.....ν............... |
138.2 |
Saudi Arabia......................... |
9.3 |
|
3.03 |
Current account balance to GDP................................................. |
52. |
.....ν................. |
-4.3 |
Kuwait................................ |
32.0 |
|
3.04 |
Dollarization vulnerability indicator............................................... |
n/a. |
........................... |
n/a |
Multiple (25).......................... |
0.0 |
|
3.05 |
External debt to GDP (developing economies).............................. |
32. |
.....ν................. |
72.2 |
China................................... |
9.6 |
|
3.06Net international investment position to GDP
|
(advanced economies)................................................................ |
n/a. |
........................... |
n/a |
Hong Kong SAR............... |
287.7 |
|
Banking system stability |
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|
3.07 |
Frequency of banking crises......................................................... |
24...... ................... |
ν |
1.3 |
Multiple (9)............................ |
0.0 |
3.08 |
Financial strengths indicator......................................................... |
30...... ................... |
ν |
4.0 |
Multiple (3)............................ |
9.0 |
3.09 |
Aggregate measure of real estate bubbles.................................... |
22...... ................... |
ν |
5.4 |
Ireland.................................. |
6.9 |
3.10 |
Tier 1 capital ratio......................................................................... |
31...... ................. |
ν |
12.6 |
Ghana................................ |
22.7 |
3.11 |
Output loss during banking crises.................................................. |
1...... ................... |
ν |
0.0 |
Multiple (20).......................... |
0.0 |
|
Risk of sovereign debt crisis |
|
|
|
|
|
3.12 |
Local currency sovereign rating.................................................... |
25...... ................. |
ν |
15.0 |
Multiple (10)........................ |
20.0 |
3.13 |
Foreign currency sovereign rating................................................. |
26...... ................. |
ν |
14.0 |
Multiple (10)........................ |
20.0 |
3.14 |
Aggregate macroeconomic indicator............................................ |
29...... ................... |
ν |
5.3 |
Peru..................................... |
6.4 |
3.15 |
Manageability of public debt ........................................................ |
40...... ................. |
ν |
53.8 |
Kuwait.................................. |
6.2 |
3.16 |
Credit default swap spreads......................................................... |
34...... ............... |
ν |
223.9 |
Norway.............................. |
36.2 |
|
|
|
|
|
|
|
|
4th pillar: Banking financial services |
|
|
|
|
|
|
Size index |
|
|
|
|
|
4.01 |
Deposit money bank assets to GDP............................................. |
60...... ................. |
ν |
11.8 |
Ireland.............................. |
245.1 |
4.02 |
Central bank assets to GDP........................................................ |
n/a............................ |
|
n/a |
Brazil.................................. |
18.3 |
4.03 |
Financial system deposits to GDP................................................ |
43...... ................. |
ν |
41.6 |
Hong Kong SAR............... |
305.8 |
4.04 |
M2 to GDP................................................................................... |
38...... ................. |
ν |
54.1 |
Hong Kong SAR............... |
320.5 |
4.05 |
Private credit to GDP.................................................................... |
40...... ................. |
ν |
47.8 |
Denmark.......................... |
229.8 |
4.06 |
Bank deposits to GDP................................................................. |
44...... ................. |
ν |
41.6 |
Hong Kong SAR............... |
305.8 |
4.07 |
Money market instruments to GDP.............................................. |
33...... ................... |
ν |
0.0 |
Ireland................................ |
18.6 |
|
Efficiency index |
|
|
|
|
|
4.08 |
Aggregate profitability indicator.................................................... |
36...... ................... |
ν |
4.6 |
Czech Republic.................... |
6.0 |
4.09 |
Bank overhead costs................................................................... |
44...... ................... |
ν |
2.7 |
Finland................................. |
0.6 |
4.10 |
Public ownership of banks........................................................... |
46...... ................. |
ν |
22.8 |
Multiple (22).......................... |
0.0 |
4.11 |
Bank operating costs to assets.................................................... |
39...... ................... |
ν |
2.6 |
Sweden................................ |
0.8 |
4.12 |
Non-performing bank loans to total loans..................................... |
45...... ................... |
ν |
8.2 |
Finland................................. |
0.5 |
|
Financial information disclosure |
|
|
|
|
|
4.13 |
Private credit bureau coverage .................................................... |
20...... ................. |
ν |
74.8 |
Multiple (12)...................... |
100.0 |
4.14 |
Public credit registry coverage ..................................................... |
26...... ................... |
ν |
0.0 |
Portugal............................. |
86.2 |
|
|
|
|
|
|
|
|
5th pillar: Non-banking financial services |
|
|
|
|
|
|
IPO activity |
|
|
|
|
|
5.01 |
IPO market share ........................................................................ |
13...... ................... |
ν |
1.8 |
China................................. |
37.8 |
5.02 |
IPO proceeds amount ................................................................... |
5...... ................... |
ν |
0.7 |
Hong Kong SAR................... |
5.1 |
5.03 |
Share of world IPOs....................................................................... |
4...... ................... |
ν |
8.0 |
China................................. |
30.2 |
(continued)
230 | The Financial Development Report 2012
2: Country/Economy Profiles
Poland
Financial Development Index in detail (continued) |
|
ν Development Advantage |
ν Development Disadvantage |
||||
|
|
|
|
|
|
|
|
|
indicator |
rank/62 |
|
value |
best Performer |
Value |
|
|
5th pillar: Non-banking financial services (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M&A activity |
|
|
|
|
|
|
5.04 |
M&A market share ...................................................................... |
26 |
......ν |
...................0.5 |
United States..................... |
34.4 |
|
5.05 |
M&A transaction value to GDP..................................................... |
33. |
.....ν................... |
2.7 |
Hong Kong SAR................... |
9.9 |
|
5.06 |
Share of total number of M&A deals............................................. |
22. |
.....ν................... |
0.8 |
United States..................... |
23.3 |
|
|
Insurance |
|
|
|
|
|
|
5.07 |
Life insurance penetration............................................................ |
31. |
.....ν................... |
1.8 |
Ireland................................ |
19.8 |
|
5.08 |
Non-life insurance penetration...................................................... |
30. |
.....ν................... |
1.9 |
Netherlands.......................... |
9.5 |
|
5.09 |
Real growth of direct insurance premiums.................................... |
33. |
.....ν................... |
2.1 |
Argentina............................ |
21.9 |
|
5.10 |
Life insurance density................................................................... |
23. |
.....ν................... |
0.7 |
India................................... |
43.5 |
|
5.11 |
Non-life insurance density............................................................ |
27. |
.....ν................... |
0.7 |
China................................. |
16.1 |
|
5.12 |
Relative value added of insurance to GDP.................................... |
37. |
.....ν................... |
1.0 |
Bahrain................................. |
6.0 |
|
|
Securitization |
|
|
|
|
|
|
5.13 |
Securitization to GDP ................................................................. |
44. |
.....ν................... |
0.2 |
United States....................... |
5.1 |
|
5.14 |
Share of total number of securitization deals................................ |
33. |
.....ν................... |
0.1 |
United States..................... |
53.6 |
|
|
|
|
|
|
|
|
|
|
6th pillar: Financial markets |
|
|
|
|
|
|
|
Foreign exchange markets |
|
|
|
|
|
|
6.01 |
Spot foreign exchange turnover .................................................. |
35. |
.....ν................... |
0.1 |
United Kingdom................. |
38.5 |
|
6.02 |
Outright forward foreign exchange turnover ................................. |
37. |
.....ν................... |
0.1 |
United Kingdom................. |
41.3 |
|
6.03 |
Foreign exchange swap turnover ............................................... |
28. |
.....ν................... |
0.2 |
United Kingdom................. |
33.3 |
|
|
Derivatives markets |
|
|
|
|
|
|
6.04 |
Interest rate derivatives turnover: Forward rate agreements.......... |
20. |
.....ν................... |
0.1 |
United Kingdom................. |
48.4 |
|
6.05 |
Interest rate derivatives turnover: Swaps ..................................... |
28. |
.....ν................... |
0.0 |
United Kingdom................. |
45.3 |
|
6.06 |
Interest rate derivatives turnover: Options .................................... |
32. |
.....ν................... |
0.0 |
United Kingdom................. |
50.4 |
|
6.07 |
Foreign exchange derivatives turnover: Currency swaps.............. |
27. |
.....ν................... |
0.1 |
United Kingdom................. |
32.1 |
|
6.08 |
Foreign exchange derivatives turnover: Options........................... |
27. |
.....ν................... |
0.1 |
United Kingdom................. |
55.3 |
|
|
Equity market development |
|
|
|
|
|
|
6.09 |
Stock market turnover ratio.......................................................... |
37. |
.....ν................. |
54.0 |
Turkey.............................. |
237.9 |
|
6.10 |
Stock market capitalization to GDP.............................................. |
44. |
.....ν................. |
35.2 |
Hong Kong SAR............... |
440.2 |
|
6.11 |
Stock market value traded to GDP............................................... |
41. |
.....ν................. |
14.4 |
Hong Kong SAR............... |
681.5 |
|
6.12 |
Number of listed companies per 10,000 people........................... |
22. |
.....ν................... |
0.1 |
Hong Kong SAR................... |
2.0 |
|
|
Bond market development |
|
|
|
|
|
|
6.13 |
Private domestic bond market capitalization to GDP.................... |
36. |
.....ν................... |
2.1 |
Denmark.......................... |
177.2 |
|
6.14 |
Public domestic bond market capitalization to GDP..................... |
20. |
.....ν................. |
36.6 |
Japan............................... |
208.5 |
|
6.15 |
Private international bonds to GDP............................................... |
50. |
.....ν................... |
1.2 |
Ireland.............................. |
202.8 |
|
6.16 |
Public international bonds to GDP................................................ |
13. |
.....ν................. |
11.6 |
Greece............................... |
70.8 |
|
6.17 |
Local currency corporate bond issuance to GDP......................... |
39. |
.....ν................... |
0.1 |
Malaysia............................... |
4.9 |
|
|
|
|
|
|
|
|
|
|
7th pillar: Financial access |
|
|
|
|
|
|
|
Commercial access |
|
|
|
|
|
|
7.01 |
Financial market sophistication..................................................... |
39. |
.....ν................... |
4.7 |
United Kingdom................... |
6.8 |
|
7.02 |
Venture capital availability............................................................. |
50. |
.....ν................... |
2.4 |
Hong Kong SAR................... |
4.5 |
|
7.03 |
Ease of access to credit .............................................................. |
39. |
.....ν................... |
3.5 |
Hong Kong SAR................... |
5.0 |
|
7.04 |
Financing through local equity market.......................................... |
43. |
.....ν................... |
3.7 |
Hong Kong SAR................... |
5.7 |
|
7.05 |
Ease of access to loans............................................................... |
46. |
.....ν................... |
2.5 |
Bahrain................................. |
4.8 |
|
7.06 |
Foreign direct investment to GDP................................................. |
23. |
.....ν................... |
2.9 |
Hong Kong SAR................. |
34.2 |
|
|
Retail access |
|
|
|
|
|
|
7.07 |
Market penetration of bank accounts........................................... |
28. |
.....ν................. |
70.2 |
Denmark............................ |
99.7 |
|
7.08 |
Commercial bank branches ........................................................... |
5. |
.....ν................. |
45.8 |
Portugal............................. |
75.9 |
|
7.09 |
Total number of ATMs.................................................................. |
34. |
.....ν................. |
52.1 |
Korea, Rep....................... |
250.3 |
|
7.10 |
Debit card penetration.................................................................. |
30. |
.....ν................. |
37.3 |
Netherlands........................ |
97.6 |
|
7.11 |
Loan accounts at MFIs................................................................. |
25. |
.....ν................... |
0.4 |
Peru................................. |
121.2 |
|
7.12 |
Loan from a financial institution.................................................... |
31. |
.....ν................... |
9.6 |
Finland............................... |
23.9 |
|
|
|
|
|
|
|
|
|
The Financial Development Report 2012 | 231