期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2009
卷号：1
出版社：European Central Bank
摘要：We construct, on the basis of an original methodology and database, composite indices to measure domestic fi nancial development in 26 emerging economies, using mature economies as a benchmark. Twenty-two variables are used and grouped according to three broad dimensions: (i) institutions and regulations; (ii) size of and access to fi nancial markets and (iii) market performance. This new evidence aims to fi ll a gap in the economic literature, which has not thus far developed comparable time series including both emerging and mature economies. In doing so, we provide a quantitative measure of the – usually considerable – scope for the selected emerging countries and regions to “catch up” in fi nancial terms. Moreover, we fi nd evidence that a process of fi nancial convergence towards mature economies has already started in certain emerging economies. Finally, we conduct an econometric analysis showing that different levels of domestic fi nancial development tend to be associated with the building up of external imbalances across countries.
关键词：Financial development; index;construction; commodity and oil-exporting;countries; G20; major emerging economies;fi nancial catching up; global imbalances.
