Financial Development Report 2008

2008 The Financial Development Report The Financial Development Report 2008 © 2008 World Economic Forum World Economic Forum Geneva, Switzerland World Economic Forum USA Inc. New York, USA The Financial Development Report 2008 The Financial Development Report 2008 © 2008 World Economic Forum The terms country and nation as used in this report do not in all cases refer to a territorial entity that is a state as understood by international law and practice. The terms cover well-defined, geographically self-contained economic areas that may not be states but for which statistical data are maintained on a separate and independent basis. World Economic Forum USA Inc. Copyright © 2008 by the World Economic Forum USA Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, or otherwise without the prior permission or the World Economic Forum. ISBN-13: 978-92-95044-08-1 ISBN-10: 92-95044-08-8 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. A catalogue record for this book is available from the British Library. A catalogue record for this book is available from the Library of Congress. The Financial Development Report 2008 © 2008 World Economic Forum Contents Contributors v Part 2: Country/Economy Profiles 47 How to Read the Country/Economy Profiles ...............................49 Academic Advisors vii List of Countries/Economies ........................................................51 Country/Economy Profiles............................................................52 Preface ix by Klaus Schwab Foreword xi by Kevin Steinberg Part 3: Data Tables 261 How to Read the Data Tables ....................................................263 List of Data Tables......................................................................265 Financial Development Index Rankings xv Part 1: Findings from the Financial Development Index 1 1.1 The Financial Development Index: Assessing the World’s Financial Systems 3 Data Tables.................................................................................267 Technical Notes and Sources 331 About the Authors 339 Partner Institutes 341 by Nouriel Roubini and James Bilodeau 1.2 Finance, Growth, and the Poor 27 by Ross Levine 1.3 Financial Crises, Financial Stability, and Reform: Supervision and Regulation of Financial Systems in a World of Financial Globalization 33 by Nouriel Roubini The Financial Development Report 2008 © 2008 World Economic Forum The Financial Development Report 2008 © 2008 World Economic Forum Contributors Contributors LEAD ACADEMIC Nouriel Roubini Professor of Economics and International Business, New York University and Chairman, RGE Monitor EDITOR James Bilodeau Project Manager and Global Leadership Fellow, World Economic Forum USA ECONOMIST Thierry Geiger Economist and Global Leadership Fellow, World Economic Forum PROJECT TEAM Ayah El Said Economist, RGE Monitor ADVISORY COMMITTEE* Jacob Frenkel Vice-Chairman, American International Group, Inc. Lord Peter Levene Chairman, Lloyd’s Hans-Joerg Rudloff Chairman, Barclays Capital Peter Sands Group Chief Executive, Standard Chartered Bank OPERATING COMMITTEE* Michael Drexler Head of Strategy and Planning, Barclays Capital Darragh Gray Senior Manager, Lloyd’s Samantha Test Project Manage