99453 2015/16 THE LITTLE DATA BOOK ON FINANCIAL DEVELOPMENT 2015/16 THE LITTLE DATA BOOK ON FINANCIAL DEVELOPMENT © 2015 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW, Washington, DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved 1 2 3 4 18 17 16 15 This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. 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Examples of components can include, but are not limited to, tables, figures, or images. All queries on rights and licenses should be addressed to the Publishing and Knowledge Division, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522- 2625; e-mail: pubrights@worldbank.org. ISBN (paper): 978-1-4648-0554-7 ISBN (electronic): 978-1-4648-0555-4 DOI: 10.1596/978-1-4648-0554-7 The Little Data Book on Financial Development 2015/2016 is a product of the Development Research Group and Development Data Group of the Development Economics Vice Presidency of the World Bank. Design by Communications Development Incorporated, Washington, D.C. Contents Acknowledgments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iv Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v Data notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vi Regional tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 World . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 East Asia and Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Europe and Central Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Latin America and the Caribbean . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Middle East and North Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 South Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Sub-Saharan Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Income group tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Low income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Middle income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Lower middle income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Upper middle income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Low and middle income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 High income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Euro area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Country tables (in alphabetical order) . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220 The Little Data Book on Financial Development  2015/2016 iii Acknowledgments The Little Data Book on Financial Development 2015/2016 is a part of a broader data-collection effort related to the World Bank’s Global Financial Development Report 2015/2016: Long-Term Finance. The Little Data Book was prepared under the oversight of Aslı Demirgüç-Kunt (Director of Research, World Bank) by a team led by Thierry Tressel (team leader, Global Financial Development Report) and comprising Jeanne Verrier and Nan Zhou. The team was assisted by Michelle Chester, Paulina Sintim-Aboagye, and Tourya Tourougui. In compiling and updating the databases underlying the report, the team built on other data compilation efforts at the World Bank Group, including the work of Subika Farazi, Erik Feyen, and Katie Kibuuka. Financial support from the Knowledge for Change Program and International Finance Corporation is gratefully acknowledged. Production of this volume was managed by the Development Data Group under the direction of Haishan Fu, with a team consisting of Azita Amjadi, Colleen Burke, Liu Cui, Shelley Lai Fu, William Prince, and Junhe Yang. The book was designed by Jomo Tariku based on an original design by Communications Development Incorporated. Typesetting was done by BMWW Financial Communications. Nora Ridolfi and Janice Tuten from the World Bank’s Publishing and Knowledge Division oversaw publication and dissemination of the book. iv 2015/2016  The Little Data Book on Financial Development Foreword The Little Data Book on Financial Development 2015/2016, is a pocket edition of the Global Financial Development Database published as part of the work on the Global Financial Development Report 2015/2016: Long-term Finance. The Global Financial Development Database has been updated and includes new indicators on long-term finance. Reflecting the theme of this year’s report, the Little Data Book has put emphasis on long-term finance indicators and, in particular, includes additional variables capturing different aspects of long-term capital markets. The Global Financial Development Database is an extensive dataset of financial system characteristics for 202 economies. The database includes measures of (1) size of financial institutions and markets (financial depth), (2) degree to which individuals can and do use financial services (access), (3) efficiency of financial intermediaries and markets in intermediating resources and facilitating financial transactions (efficiency), and (4) stability of financial institutions and markets (stability). For a complete description of the dataset and a discussion of the underlying literature, see Martin ˇ ihák, Aslı Demirgüç-Kunt, Erik Feyen, and Ross Levine, 2012 “Benchmarking C Financial Systems around the World,” Policy Research Working Paper 6175, World Bank, Washington, D.C. (hereafter C ˇ ihák, Demirgüç-Kunt, Feyen, and Levine, 2012); and Martin C ˇ ihák, Aslı Demirgüç-Kunt, Erik Feyen, and Ross Levine, 2013 “Financial Development in 205 Economies, 1960 to 2010,” Journal of Financial Perspectives 1 (2): 17–36. There is ample evidence on the role financial sector development plays in economic development, poverty alleviation, and economic stability. However there are serious shortcomings associated with measuring the concept of the “functioning of the financial system.” Recognizing the need for good data to better understand the concept of financial development, the World Bank’s Development Economics Vice Presidency and the Finance and Markets Global Practice launched in 2013 a Global Financial Development Database, an extensive worldwide database that combines and updates several financial data sets. The data highlights the multidimensional nature of financial systems. Deep financial systems do not necessarily provide high degrees of financial access; highly efficient financial systems are not necessarily more stable than the less efficient ones, and so on. Each of these characteristics has an association with aspects of the broader socioeconomic development, and each is in turn strongly associated with financial sector policies and other parts of the enabling environment for finance. A basic comparison of data confirms that while financial systems in developing economies tend to be less deep, provide less access, and are somewhat less efficient; their stability has been comparable to financial systems in developed countries in recent years. For instance, the average depth of financial institutions’ (measured as private credit by deposit money banks to gross domestic product—GDP) and markets (measured as stock market capitalization plus outstanding domestic private debt securities to GDP) in developed economies is more than twice of that in developing economies. However in terms of stability of financial institutions (measured by the Z-score), on average the banking systems in developing economies are less volatile than in developed economies. Similarly, financial markets’ stability (measured as the stock price volatility) is on average higher for developing economies in comparison to developed economies. The Little Data Book on Financial Development  2015/2016 v Data notes The data in this book are for 2003, 2008, and 2013. Figures in italics indicate data for years other than those specified and report data for the closest year available within two years.1 Symbols used: .. indicates that data are not available or that aggregates cannot be calculated because of missing data 0 or 0.0 indicates zero or small enough that the number would round to zero at the displayed number of decimal points $ indicates current U.S. dollars Data are shown for economies with population greater than 30,000 or for smaller economies if they are members of the World Bank. The term country (used interchangeably with economy) does not imply political independence or official recognition by the World Bank but refers to any economy for which the authorities report separate social or economic statistics. Aggregate data for ratios, shares, and percentage rates are medians. The financial development data in this book are a small slice of the information contained in the Global Financial Development Database (GFDD). For more information about the GFDD and the Global Financial Development Report please see C ˇ ihák, Demirgüç-Kunt, Feyen, and Levine, 2013 and visit http://worldbank.org/financialdevelopment, http://data.worldbank.org/data -catalog/global-financial-development, and http://databank.worldbank.org/. An important part of the financial inclusion data in GFDD comes from the Global Findex database (for more information please see Asli Demirgüç-Kunt and Leora Klapper, 2012 “Measuring Financial Inclusion: The Global Findex Database,” Policy Research Working Paper 6025, Word Bank, Washington, D.C., hereafter Demirgüç-Kunt and Klapper, 2012). Indicators with underlying data from Bankscope–Bureau Van Dijk are constructed using bank-by-bank unconsolidated data. These indicators will be updated throughout the year to reflect Bankscope updates. Indicators based on data from the Enterprise Surveys do not necessarily pertain to the same year across countries. These surveys are conducted in different years across different countries and the figures reported correspond to data from the closest year available for each country. Indicators based on World Bank Global Syndicated Loan and Bond Database (FinDebt) are aggregations of deal-level data. 1 Past data take precedence over future data whenever the closest year figure is used. vi 2015/2016  The Little Data Book on Financial Development Regional tables The country composition of regions is based on the World Bank’s analytical regions for FY 13 and may differ from common geographic usage. The regions exclude high income economies. East Asia and Pacific Cambodia, China, Fiji, Indonesia, Kiribati, Democratic People’s Republic of Korea, Lao People’s Democratic Republic, Malaysia, Marshall Islands, Federated States of Micronesia, Mongolia, Myanmar, Palau, Papua New Guinea, Philippines, Samoa, Solomon Islands, Thailand, Timor-Leste, Tonga, Tuvalu, Vanuatu, Vietnam Europe and Central Asia Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Georgia, Kazakhstan, Kosovo, Kyrgyz Republic, Latvia, Lithuania, Former Yugoslav Republic of Macedonia, Moldova, Montenegro, Romania, Russian Federation, Serbia, Tajikistan, Turkey, Turkmenistan, Ukraine, Uzbekistan Latin America and the Caribbean Antigua and Barbuda, Argentina, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominica, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, St. Lucia, St. Vincent and the Grenadines, Suriname, Uruguay, República Bolivariana de Venezuela Middle East and North Africa Algeria, Djibouti, Arab Republic of Egypt, Islamic Republic of Iran, Iraq, Jordan, Lebanon, Libya, Morocco, Syrian Arab Republic, Tunisia, West Bank and Gaza, Republic of Yemen South Asia Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka Sub-Saharan Africa Angola, Benin, Botswana, Burkina Faso, Burundi, Cabo Verde, Cameroon, Central African Republic, Chad, Comoros, Democratic Republic of Congo, Republic of Congo, Côte d’Ivoire, Eritrea, Ethiopia, Gabon, The Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritania, Mauritius, Mozambique, Namibia, Niger, Nigeria, Rwanda, São Tomé and Príncipe, Senegal, Seychelles, Sierra Leone, Somalia, South Africa, Sudan, Swaziland, Tanzania, Togo, Uganda, Zambia, Zimbabwe The Little Data Book on Financial Development  2015/2016 1 World data Gross domestic product ($ billions) 75,621.9 Population (millions) data 7,125.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 25.3 35.5 40.2 Deposit money banks’ assets to GDP (%) 36.4 44.9 47.5 Nonbank financial institutions’ assets to GDP (%) 6.7 4.9 12.9 Depth—Financial Markets Stock market capitalization to GDP (%) 27.1 41.3 30.8 Stock market total value traded to GDP (%) 3.3 10.4 3.9 Outstanding domestic private debt securities to GDP (%) 19.9 19.5 28.2 Outstanding domestic public debt securities to GDP (%) 29.2 26.3 31.2 Outstanding international debt securities to GDP (%) 11.6 9.5 14.1 Syndicated loan issuance volume to GDP (%) 1.6 2.1 1.9 Corporate bond issuance volume to GDP (%) 1.3 0.7 1.8 Syndicated loan average maturity (years) 5.0 5.7 5.1 Corporate bond average maturity (years) 8.4 6.6 7.6 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 43 272 559 Bank branches per 100,000 adults (age 15+) 3.6 12.9 14.2 Account at a formal financial institution (%, age 15+) .. .. 38.2 Saved at a financial institution in the past year (%, age 15+) .. .. 13.3 Loan from a financial institution in the past year (%, age 15+) .. .. 8.4 Firms with bank loan/line of credit (%) .. 32.7 34.1 Firms using banks to finance investments (%) 4.1 26.8 24.3 Firms using banks to finance working capital (%) 16.7 5.0 26.1 Small firms with bank loan/line of credit (%) .. 26.5 27.5 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 42.4 42.8 54.1 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 47.7 44.4 49.6 Nonfin. corporate bonds to total bonds and notes outstanding (%) 8.9 10.6 7.8 Efficiency—Financial Institutions Bank net interest margin (%) 4.2 4.5 3.7 Bank lending-deposit spread 6.9 6.2 6.0 Bank overhead costs to total assets (%) 3.8 3.4 3.0 Bank return on assets (%, after tax) 1.1 1.3 1.1 Bank return on equity (%, after tax) 13.0 13.6 9.8 Efficiency—Financial Markets Stock market turnover ratio (%) 22.0 31.8 12.2 Stability—Financial Institutions Bank Z-score 13.8 13.1 14.1 Bank nonperforming loans to gross loans (%) 5.8 3.0 4.5 Bank regulatory capital to risk-weighted assets (%) 14.2 14.4 16.5 Stability—Financial Markets Stock price volatility 21.6 23.5 15.2 Other Indicators—Financial Institutions Bank concentration (%) 78.5 74.3 69.5 Boone indicator –0.05 –0.04 –0.04 Banking crisis dummy .. .. .. Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 11.7 11.5 10.6 Stock market return (%, year-on-year) 7.6 –17.7 12.8 2 2015/2016  The Little Data Book on Financial Development East Asia & Pacific Gross domestic product ($ billions) 11,413.7 Population (millions) 2,005.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 28.6 37.9 47.0 Deposit money banks’ assets to GDP (%) 36.9 42.3 54.0 Nonbank financial institutions’ assets to GDP (%) 29.2 57.5 25.6 Depth—Financial Markets Stock market capitalization to GDP (%) 35.8 47.5 44.1 Stock market total value traded to GDP (%) 6.1 14.1 13.2 Outstanding domestic private debt securities to GDP (%) 10.4 29.3 27.5 Outstanding domestic public debt securities to GDP (%) 21.5 21.4 25.3 Outstanding international debt securities to GDP (%) 7.3 4.3 4.9 Syndicated loan issuance volume to GDP (%) 1.5 2.0 3.4 Corporate bond issuance volume to GDP (%) 0.8 0.8 1.8 Syndicated loan average maturity (years) 6.9 6.2 5.4 Corporate bond average maturity (years) 7.9 5.9 6.6 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 367 372 370 Bank branches per 100,000 adults (age 15+) 10.4 9.6 9.5 Account at a formal financial institution (%, age 15+) .. .. 26.8 Saved at a financial institution in the past year (%, age 15+) .. .. 19.4 Loan from a financial institution in the past year (%, age 15+) .. .. 16.2 Firms with bank loan/line of credit (%) .. 43.0 49.9 Firms using banks to finance investments (%) .. 21.9 24.6 Firms using banks to finance working capital (%) .. 19.3 46.3 Small firms with bank loan/line of credit (%) .. 29.5 44.0 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 78.4 50.4 62.4 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 56.7 50.7 62.3 Nonfin. corporate bonds to total bonds and notes outstanding (%) 2.5 8.8 17.9 Efficiency—Financial Institutions Bank net interest margin (%) 3.5 4.3 4.0 Bank lending-deposit spread 5.9 5.2 5.2 Bank overhead costs to total assets (%) 2.9 2.9 2.9 Bank return on assets (%, after tax) 1.3 1.1 0.8 Bank return on equity (%, after tax) 11.5 12.3 8.2 Efficiency—Financial Markets Stock market turnover ratio (%) 21.4 31.8 20.0 Stability—Financial Institutions Bank Z-score 9.5 12.6 13.6 Bank nonperforming loans to gross loans (%) 13.9 4.6 2.1 Bank regulatory capital to risk-weighted assets (%) 15.6 14.9 16.3 Stability—Financial Markets Stock price volatility 20.3 28.4 17.2 Other Indicators—Financial Institutions Bank concentration (%) 96.2 73.6 46.7 Boone indicator –0.05 –0.01 –0.00 Banking crisis dummy .. .. .. Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 2.8 2.7 3.5 Stock market return (%, year-on-year) –1.4 –12.6 15.4 The Little Data Book on Financial Development  2015/2016 3 Europe & Central Asia data Gross domestic product ($ billions) 4,041.4 Population (millions) data 410.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 13.1 35.0 39.6 Deposit money banks’ assets to GDP (%) 20.6 39.4 51.1 Nonbank financial institutions’ assets to GDP (%) 1.1 3.0 7.0 Depth—Financial Markets Stock market capitalization to GDP (%) 6.1 23.7 11.7 Stock market total value traded to GDP (%) 0.9 2.9 0.6 Outstanding domestic private debt securities to GDP (%) 1.7 1.8 4.4 Outstanding domestic public debt securities to GDP (%) 20.5 15.5 14.9 Outstanding international debt securities to GDP (%) 7.2 5.7 11.0 Syndicated loan issuance volume to GDP (%) 0.4 1.2 1.3 Corporate bond issuance volume to GDP (%) 0.9 0.6 1.4 Syndicated loan average maturity (years) 4.3 5.0 4.7 Corporate bond average maturity (years) 3.2 3.8 7.1 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 521 919 915 Bank branches per 100,000 adults (age 15+) 12.5 21.8 21.4 Account at a formal financial institution (%, age 15+) .. .. 44.3 Saved at a financial institution in the past year (%, age 15+) .. .. 4.8 Loan from a financial institution in the past year (%, age 15+) .. .. 8.1 Firms with bank loan/line of credit (%) .. 37.7 32.8 Firms using banks to finance investments (%) 2.1 34.0 23.5 Firms using banks to finance working capital (%) 10.2 40.0 27.6 Small firms with bank loan/line of credit (%) .. 27.9 26.4 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 43.3 22.4 44.9 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 44.6 37.4 37.7 Nonfin. corporate bonds to total bonds and notes outstanding (%) 21.2 35.6 15.1 Efficiency—Financial Institutions Bank net interest margin (%) 6.3 5.6 4.8 Bank lending-deposit spread 6.9 6.4 5.8 Bank overhead costs to total assets (%) 5.7 4.4 3.7 Bank return on assets (%, after tax) 2.0 1.4 1.1 Bank return on equity (%, after tax) 12.9 9.6 9.3 Efficiency—Financial Markets Stock market turnover ratio (%) 13.9 7.3 4.2 Stability—Financial Institutions Bank Z-score 12.7 9.7 10.0 Bank nonperforming loans to gross loans (%) 5.4 4.1 11.3 Bank regulatory capital to risk-weighted assets (%) 23.9 16.8 17.8 Stability—Financial Markets Stock price volatility 27.5 28.9 15.4 Other Indicators—Financial Institutions Bank concentration (%) 80.6 71.7 64.4 Boone indicator –0.07 –0.07 –0.06 Banking crisis dummy .. .. .. Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 18.7 12.8 8.3 Stock market return (%, year-on-year) 42.0 –31.7 12.7 4 2015/2016  The Little Data Book on Financial Development Latin America & Caribbean Gross domestic product ($ billions) 5,991.8 Population (millions) 609.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 28.3 31.6 37.8 Deposit money banks’ assets to GDP (%) 38.9 41.2 43.0 Nonbank financial institutions’ assets to GDP (%) 1.7 2.6 15.5 Depth—Financial Markets Stock market capitalization to GDP (%) 15.7 26.8 24.6 Stock market total value traded to GDP (%) 0.4 2.7 0.3 Outstanding domestic private debt securities to GDP (%) 11.0 10.4 17.0 Outstanding domestic public debt securities to GDP (%) 20.8 18.1 23.6 Outstanding international debt securities to GDP (%) 17.4 9.5 9.8 Syndicated loan issuance volume to GDP (%) 0.6 1.1 0.7 Corporate bond issuance volume to GDP (%) 1.0 0.5 1.6 Syndicated loan average maturity (years) 6.0 7.0 5.1 Corporate bond average maturity (years) 8.2 9.5 10.1 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 420 487 711 Bank branches per 100,000 adults (age 15+) 12.6 17.5 19.0 Account at a formal financial institution (%, age 15+) .. .. 27.7 Saved at a financial institution in the past year (%, age 15+) .. .. 11.4 Loan from a financial institution in the past year (%, age 15+) .. .. 9.0 Firms with bank loan/line of credit (%) .. 59.2 .. Firms using banks to finance investments (%) 14.9 43.7 .. Firms using banks to finance working capital (%) 15.8 52.3 .. Small firms with bank loan/line of credit (%) .. 57.5 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 40.8 35.3 40.1 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 43.7 34.7 36.7 Nonfin. corporate bonds to total bonds and notes outstanding (%) 2.6 8.6 7.8 Efficiency—Financial Institutions Bank net interest margin (%) 5.6 5.9 5.3 Bank lending-deposit spread 9.3 7.9 7.7 Bank overhead costs to total assets (%) 5.2 4.3 4.4 Bank return on assets (%, after tax) 1.0 1.6 1.4 Bank return on equity (%, after tax) 14.4 15.3 11.1 Efficiency—Financial Markets Stock market turnover ratio (%) 3.7 4.5 3.1 Stability—Financial Institutions Bank Z-score 13.9 12.7 14.5 Bank nonperforming loans to gross loans (%) 7.3 3.0 2.3 Bank regulatory capital to risk-weighted assets (%) 14.9 15.4 15.6 Stability—Financial Markets Stock price volatility 18.4 24.4 14.5 Other Indicators—Financial Institutions Bank concentration (%) 58.7 74.4 66.4 Boone indicator –0.05 –0.05 –0.05 Banking crisis dummy .. .. .. Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 4.2 3.2 3.4 Stock market return (%, year-on-year) 31.7 –11.0 0.8 The Little Data Book on Financial Development  2015/2016 5 Middle East & North Africa data Gross domestic product ($ billions) 1,495.7 Population (millions) data 345.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 22.0 22.8 25.6 Deposit money banks’ assets to GDP (%) 36.9 34.0 37.8 Nonbank financial institutions’ assets to GDP (%) 6.5 2.5 3.6 Depth—Financial Markets Stock market capitalization to GDP (%) 21.5 76.2 23.4 Stock market total value traded to GDP (%) 2.1 28.2 4.4 Outstanding domestic private debt securities to GDP (%) .. 1.4 0.7 Outstanding domestic public debt securities to GDP (%) .. 77.6 79.5 Outstanding international debt securities to GDP (%) 1.6 7.1 9.8 Syndicated loan issuance volume to GDP (%) 1.0 3.7 0.3 Corporate bond issuance volume to GDP (%) 0.4 0.3 0.9 Syndicated loan average maturity (years) 7.8 6.0 5.0 Corporate bond average maturity (years) 5.1 4.9 5.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 331 326 364 Bank branches per 100,000 adults (age 15+) 12.0 10.4 8.0 Account at a formal financial institution (%, age 15+) .. .. 24.4 Saved at a financial institution in the past year (%, age 15+) .. .. 5.3 Loan from a financial institution in the past year (%, age 15+) .. .. 4.4 Firms with bank loan/line of credit (%) .. 17.4 23.6 Firms using banks to finance investments (%) .. 5.6 35.6 Firms using banks to finance working capital (%) .. 7.5 25.7 Small firms with bank loan/line of credit (%) .. 5.1 18.1 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 63.6 44.1 41.3 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 45.4 50.7 33.6 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.7 3.3 2.9 Bank lending-deposit spread 5.0 4.3 4.4 Bank overhead costs to total assets (%) 1.9 1.7 1.8 Bank return on assets (%, after tax) 0.6 1.4 1.2 Bank return on equity (%, after tax) 8.4 15.5 10.7 Efficiency—Financial Markets Stock market turnover ratio (%) 11.4 32.0 12.3 Stability—Financial Institutions Bank Z-score 15.5 17.7 23.1 Bank nonperforming loans to gross loans (%) 21.5 7.5 8.2 Bank regulatory capital to risk-weighted assets (%) 11.1 14.6 18.4 Stability—Financial Markets Stock price volatility 13.1 18.6 7.8 Other Indicators—Financial Institutions Bank concentration (%) 92.1 86.0 84.8 Boone indicator –0.03 –0.03 –0.03 Banking crisis dummy .. .. .. Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 5.4 4.9 3.7 Stock market return (%, year-on-year) 7.8 17.1 1.5 6 2015/2016  The Little Data Book on Financial Development South Asia Gross domestic product ($ billions) 2,368.3 Population (millions) 1,670.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 25.1 32.6 43.0 Deposit money banks’ assets to GDP (%) 34.2 42.8 54.4 Nonbank financial institutions’ assets to GDP (%) 8.8 6.6 15.8 Depth—Financial Markets Stock market capitalization to GDP (%) 11.4 29.4 20.1 Stock market total value traded to GDP (%) 2.8 7.7 5.2 Outstanding domestic private debt securities to GDP (%) 0.4 3.1 4.9 Outstanding domestic public debt securities to GDP (%) 18.3 15.6 35.4 Outstanding international debt securities to GDP (%) 1.5 2.2 4.9 Syndicated loan issuance volume to GDP (%) 0.2 0.5 1.8 Corporate bond issuance volume to GDP (%) 0.3 0.4 1.3 Syndicated loan average maturity (years) 10.3 8.0 4.3 Corporate bond average maturity (years) 8.8 6.9 8.2 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 434 269 433 Bank branches per 100,000 adults (age 15+) 8.1 8.9 10.7 Account at a formal financial institution (%, age 15+) .. .. 30.3 Saved at a financial institution in the past year (%, age 15+) .. .. 10.8 Loan from a financial institution in the past year (%, age 15+) .. .. 9.2 Firms with bank loan/line of credit (%) .. 3.4 34.6 Firms using banks to finance investments (%) .. 1.4 18.4 Firms using banks to finance working capital (%) .. 2.5 21.8 Small firms with bank loan/line of credit (%) .. 2.3 30.6 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 49.7 62.4 75.9 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 57.3 64.1 61.0 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.2 5.0 5.1 Bank lending-deposit spread 6.5 6.6 4.8 Bank overhead costs to total assets (%) 3.1 2.2 2.9 Bank return on assets (%, after tax) 1.1 1.6 1.3 Bank return on equity (%, after tax) 17.5 14.6 12.8 Efficiency—Financial Markets Stock market turnover ratio (%) 35.6 91.1 31.5 Stability—Financial Institutions Bank Z-score 8.3 16.8 8.9 Bank nonperforming loans to gross loans (%) 17.0 5.8 7.0 Bank regulatory capital to risk-weighted assets (%) 8.5 12.6 14.9 Stability—Financial Markets Stock price volatility 23.3 21.7 13.1 Other Indicators—Financial Institutions Bank concentration (%) 57.0 52.5 72.6 Boone indicator –0.06 –0.05 -0.02 Banking crisis dummy .. .. .. Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 4.6 4.2 4.2 Stock market return (%, year-on-year) 41.8 –6.9 12.0 The Little Data Book on Financial Development  2015/2016 7 Sub-Saharan Africa data Gross domestic product ($ billions) 1,643.4 Population (millions) data 936.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 10.9 13.5 16.7 Deposit money banks’ assets to GDP (%) 14.4 19.0 23.1 Nonbank financial institutions’ assets to GDP (%) 5.0 4.6 8.1 Depth—Financial Markets Stock market capitalization to GDP (%) 11.9 35.7 22.2 Stock market total value traded to GDP (%) 0.4 1.1 0.6 Outstanding domestic private debt securities to GDP (%) 15.3 18.4 19.1 Outstanding domestic public debt securities to GDP (%) 35.4 22.3 35.8 Outstanding international debt securities to GDP (%) 11.6 13.9 6.3 Syndicated loan issuance volume to GDP (%) 1.5 1.3 1.8 Corporate bond issuance volume to GDP (%) 0.2 0.1 0.8 Syndicated loan average maturity (years) 4.1 4.0 4.5 Corporate bond average maturity (years) 5.0 14.4 5.9 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 11 83 166 Bank branches per 100,000 adults (age 15+) 0.8 2.5 3.9 Account at a formal financial institution (%, age 15+) .. .. 17.5 Saved at a financial institution in the past year (%, age 15+) .. .. 9.9 Loan from a financial institution in the past year (%, age 15+) .. .. 4.9 Firms with bank loan/line of credit (%) .. 21.6 14.5 Firms using banks to finance investments (%) .. 12.2 13.0 Firms using banks to finance working capital (%) .. 24.6 19.1 Small firms with bank loan/line of credit (%) .. 19.7 9.3 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 45.0 30.9 67.0 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 71.1 58.2 80.2 Nonfin. corporate bonds to total bonds and notes outstanding (%) 12.7 13.5 12.9 Efficiency—Financial Institutions Bank net interest margin (%) 7.0 6.2 5.3 Bank lending-deposit spread 11.6 8.3 8.8 Bank overhead costs to total assets (%) 6.5 5.6 5.2 Bank return on assets (%, after tax) 1.7 1.9 1.4 Bank return on equity (%, after tax) 16.9 17.3 15.5 Efficiency—Financial Markets Stock market turnover ratio (%) 3.5 6.8 2.6 Stability—Financial Institutions Bank Z-score 12.4 12.9 13.2 Bank nonperforming loans to gross loans (%) 13.6 6.3 5.6 Bank regulatory capital to risk-weighted assets (%) 15.9 15.5 18.1 Stability—Financial Markets Stock price volatility 14.3 18.9 9.9 Other Indicators—Financial Institutions Bank concentration (%) 83.9 81.2 75.4 Boone indicator –0.07 –0.07 –0.05 Banking crisis dummy .. .. .. Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 1.9 1.8 1.4 Stock market return (%, year-on-year) 10.2 1.2 18.1 8 2015/2016  The Little Data Book on Financial Development Income group tables For operational and analytical purposes the World Bank’s main criterion for classifying economies is gross national income (GNI) per capita. Each economy in The Little Data Book on Financial Inclusion is classified as low income, middle income, or high income. Low- and middle-income economies are sometimes referred to as developing economies. The use of the term is convenient; it is not intended to imply that all economies in the group are experiencing similar development or that other economies have reached a preferred or final stage of development. Classification by income does not necessarily reflect development status. Note: Classifications are fixed during the World Bank’s fiscal year (ending on June 30), thus countries remain in the categories in which they are classified irrespective of any revisions to their per capita income data. Low-income economies are those with a GNI per capita of $1,025 or less in 2011. Middle-income economies are those with a GNI per capita of more than $1,026 but less than $12,475. Lower-middle-income and upper-middle-income economies are separated at a GNI per capita of $4,035. High-income economies are those with a GNI per capita of $12,475 or more. Euro area includes the member states of the Economic and Monetary Union of the European Union that have adopted the euro as their currency by 2012: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovak Republic, Slovenia, and Spain. The Little Data Book on Financial Development  2015/2016 9 Low income Gross domestic product ($ billions) data 640.9 Population (millions) data 858.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 7.9 12.5 15.9 Deposit money banks’ assets to GDP (%) 11.3 17.4 20.0 Nonbank financial institutions’ assets to GDP (%) 3.0 2.2 3.3 Depth—Financial Markets Stock market capitalization to GDP (%) 5.6 21.7 19.4 Stock market total value traded to GDP (%) 0.8 2.6 0.3 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 1.0 1.3 0.8 Corporate bond issuance volume to GDP (%) .. 0.5 .. Syndicated loan average maturity (years) 6.0 4.4 5.9 Corporate bond average maturity (years) .. 6.4 .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 39 72 156 Bank branches per 100,000 adults (age 15+) 0.6 2.1 3.1 Account at a formal financial institution (%, age 15+) .. .. 14.3 Saved at a financial institution in the past year (%, age 15+) .. .. 7.5 Loan from a financial institution in the past year (%, age 15+) .. .. 6.2 Firms with bank loan/line of credit (%) .. 18.5 16.6 Firms using banks to finance investments (%) 2.1 11.4 17.0 Firms using banks to finance working capital (%) 10.2 2.5 19.4 Small firms with bank loan/line of credit (%) .. 14.5 15.5 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.9 6.7 6.3 Bank lending-deposit spread 11.8 10.1 10.5 Bank overhead costs to total assets (%) 5.9 5.6 5.1 Bank return on assets (%, after tax) 1.6 2.1 1.6 Bank return on equity (%, after tax) 17.8 16.2 15.6 Efficiency—Financial Markets Stock market turnover ratio (%) 6.8 55.3 2.0 Stability—Financial Institutions Bank Z-score 10.3 11.1 10.9 Bank nonperforming loans to gross loans (%) 18.3 5.4 6.3 Bank regulatory capital to risk-weighted assets (%) 17.0 20.7 22.6 Stability—Financial Markets Stock price volatility .. 5.3 9.4 Other Indicators—Financial Institutions Bank concentration (%) 86.4 84.1 72.3 Boone indicator –0.07 –0.03 –0.03 Banking crisis dummy .. .. .. Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 1.6 1.4 1.4 Stock market return (%, year-on-year) .. 7.4 33.2 10 2015/2016  The Little Data Book on Financial Development Middle income Gross domestic product ($ billions) 26,302.5 Population (millions) 5,120.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 19.2 30.8 36.3 Deposit money banks’ assets to GDP (%) 27.0 38.0 44.5 Nonbank financial institutions’ assets to GDP (%) 5.0 4.9 14.0 Depth—Financial Markets Stock market capitalization to GDP (%) 15.6 29.4 20.1 Stock market total value traded to GDP (%) 1.3 3.6 1.4 Outstanding domestic private debt securities to GDP (%) 10.7 7.6 12.3 Outstanding domestic public debt securities to GDP (%) 21.0 21.4 27.2 Outstanding international debt securities to GDP (%) 9.1 6.0 8.8 Syndicated loan issuance volume to GDP (%) 0.9 1.3 1.5 Corporate bond issuance volume to GDP (%) 0.7 0.6 1.4 Syndicated loan average maturity (years) 5.1 6.1 5.0 Corporate bond average maturity (years) 7.4 6.1 7.6 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 189 430 642 Bank branches per 100,000 adults (age 15+) 10.4 12.5 13.4 Account at a formal financial institution (%, age 15+) .. .. 30.3 Saved at a financial institution in the past year (%, age 15+) .. .. 8.7 Loan from a financial institution in the past year (%, age 15+) .. .. 7.8 Firms with bank loan/line of credit (%) .. 36.8 31.7 Firms using banks to finance investments (%) 17.2 34.0 24.5 Firms using banks to finance working capital (%) 14.7 7.5 26.9 Small firms with bank loan/line of credit (%) .. 27.7 25.0 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 44.1 45.1 54.1 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 48.2 48.1 49.6 Nonfin. corporate bonds to total bonds and notes outstanding (%) 2.6 11.1 11.9 Efficiency—Financial Institutions Bank net interest margin (%) 5.2 5.0 4.3 Bank lending-deposit spread 8.0 6.4 6.3 Bank overhead costs to total assets (%) 4.7 3.6 3.3 Bank return on assets (%, after tax) 1.2 1.5 1.2 Bank return on equity (%, after tax) 11.9 14.6 10.5 Efficiency—Financial Markets Stock market turnover ratio (%) 6.7 9.6 5.5 Stability—Financial Institutions Bank Z-score 13.8 12.7 14.3 Bank nonperforming loans to gross loans (%) 8.4 3.7 4.2 Bank regulatory capital to risk-weighted assets (%) 15.8 15.2 16.7 Stability—Financial Markets Stock price volatility 20.0 24.0 14.6 Other Indicators—Financial Institutions Bank concentration (%) 73.6 72.5 67.6 Boone indicator –0.06 –0.05 –0.05 Banking crisis dummy .. .. .. Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 5.5 4.8 4.3 Stock market return (%, year-on-year) 18.8 –12.4 10.5 The Little Data Book on Financial Development  2015/2016 11 Lower middle income data Gross domestic product ($ billions) 5,470.4 Population (millions) data 2,589.2 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 18.3 27.8 32.2 Deposit money banks’ assets to GDP (%) 23.7 35.2 40.5 Nonbank financial institutions’ assets to GDP (%) 7.5 8.2 14.1 Depth—Financial Markets Stock market capitalization to GDP (%) 13.2 28.3 16.6 Stock market total value traded to GDP (%) 0.3 1.3 0.7 Outstanding domestic private debt securities to GDP (%) 0.4 3.1 1.7 Outstanding domestic public debt securities to GDP (%) 26.7 20.0 31.0 Outstanding international debt securities to GDP (%) 3.6 4.2 5.1 Syndicated loan issuance volume to GDP (%) 1.2 1.3 1.5 Corporate bond issuance volume to GDP (%) 0.7 0.3 0.9 Syndicated loan average maturity (years) 5.4 5.9 5.0 Corporate bond average maturity (years) 7.4 5.4 8.2 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 367 259 396 Bank branches per 100,000 adults (age 15+) 10.4 8.3 10.0 Account at a formal financial institution (%, age 15+) .. .. 21.4 Saved at a financial institution in the past year (%, age 15+) .. .. 7.9 Loan from a financial institution in the past year (%, age 15+) .. .. 7.1 Firms with bank loan/line of credit (%) .. 24.6 27.3 Firms using banks to finance investments (%) 17.2 20.2 20.5 Firms using banks to finance working capital (%) 14.7 7.5 25.3 Small firms with bank loan/line of credit (%) .. 17.9 21.9 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 42.3 54.9 62.4 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 49.4 51.7 54.8 Nonfin. corporate bonds to total bonds and notes outstanding (%) 1.2 3.4 5.2 Efficiency—Financial Institutions Bank net interest margin (%) 6.0 5.0 4.4 Bank lending-deposit spread 9.2 7.2 6.8 Bank overhead costs to total assets (%) 4.0 3.6 3.4 Bank return on assets (%, after tax) 1.2 1.5 1.4 Bank return on equity (%, after tax) 14.2 15.6 11.2 Efficiency—Financial Markets Stock market turnover ratio (%) 3.5 7.4 5.6 Stability—Financial Institutions Bank Z-score 13.5 13.8 17.2 Bank nonperforming loans to gross loans (%) 13.3 4.3 5.6 Bank regulatory capital to risk-weighted assets (%) 15.3 14.6 17.0 Stability—Financial Markets Stock price volatility 20.8 27.1 16.2 Other Indicators—Financial Institutions Bank concentration (%) 82.7 74.3 70.1 Boone indicator –0.07 –0.06 –0.05 Banking crisis dummy .. .. .. Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 4.6 3.9 3.8 Stock market return (%, year-on-year) 12.3 –3.0 12.0 12 2015/2016  The Little Data Book on Financial Development Upper middle income Gross domestic product ($ billions) 20,828.6 Population (millions) 2,530.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 20.9 39.9 46.0 Deposit money banks’ assets to GDP (%) 35.3 49.5 54.2 Nonbank financial institutions’ assets to GDP (%) 4.2 3.7 11.7 Depth—Financial Markets Stock market capitalization to GDP (%) 17.3 31.1 28.5 Stock market total value traded to GDP (%) 1.5 4.6 1.4 Outstanding domestic private debt securities to GDP (%) 11.2 13.6 18.0 Outstanding domestic public debt securities to GDP (%) 21.0 21.4 24.7 Outstanding international debt securities to GDP (%) 11.8 8.6 9.7 Syndicated loan issuance volume to GDP (%) 0.7 1.3 1.6 Corporate bond issuance volume to GDP (%) 1.0 0.9 1.7 Syndicated loan average maturity (years) 5.1 6.4 5.0 Corporate bond average maturity (years) 7.4 6.7 7.5 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 11 606 767 Bank branches per 100,000 adults (age 15+) 7.8 17.9 20.3 Account at a formal financial institution (%, age 15+) .. .. 44.4 Saved at a financial institution in the past year (%, age 15+) .. .. 9.7 Loan from a financial institution in the past year (%, age 15+) .. .. 8.6 Firms with bank loan/line of credit (%) .. 53.2 41.2 Firms using banks to finance investments (%) 24.2 43.9 27.8 Firms using banks to finance working capital (%) 25.6 45.4 37.6 Small firms with bank loan/line of credit (%) .. 41.9 34.8 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 47.9 40.8 49.5 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 48.2 44.0 46.5 Nonfin. corporate bonds to total bonds and notes outstanding (%) 7.7 15.7 12.9 Efficiency—Financial Institutions Bank net interest margin (%) 4.8 5.0 3.8 Bank lending-deposit spread 7.3 6.1 6.0 Bank overhead costs to total assets (%) 5.0 3.5 3.0 Bank return on assets (%, after tax) 1.1 1.5 1.0 Bank return on equity (%, after tax) 9.2 13.1 9.6 Efficiency—Financial Markets Stock market turnover ratio (%) 9.2 10.7 5.0 Stability—Financial Institutions Bank Z-score 14.2 10.9 10.6 Bank nonperforming loans to gross loans (%) 8.1 3.1 3.8 Bank regulatory capital to risk-weighted assets (%) 16.5 15.4 16.1 Stability—Financial Markets Stock price volatility 20.0 23.8 14.0 Other Indicators—Financial Institutions Bank concentration (%) 72.4 70.6 66.6 Boone indicator –0.06 –0.05 –0.05 Banking crisis dummy .. .. .. Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 6.6 6.5 5.5 Stock market return (%, year-on-year) 23.0 –13.3 6.0 The Little Data Book on Financial Development  2015/2016 13 Low and middle income data Gross domestic product ($ billions) 26,951.7 Population (millions) data 5,978.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 17.6 25.2 29.7 Deposit money banks’ assets to GDP (%) 23.2 32.1 39.0 Nonbank financial institutions’ assets to GDP (%) 4.2 4.3 12.6 Depth—Financial Markets Stock market capitalization to GDP (%) 14.3 29.4 19.7 Stock market total value traded to GDP (%) 1.0 3.5 1.0 Outstanding domestic private debt securities to GDP (%) 10.7 7.6 12.3 Outstanding domestic public debt securities to GDP (%) 21.0 21.4 27.2 Outstanding international debt securities to GDP (%) 9.1 6.0 8.8 Syndicated loan issuance volume to GDP (%) 0.9 1.3 1.5 Corporate bond issuance volume to GDP (%) 0.7 0.6 1.4 Syndicated loan average maturity (years) 5.2 6.0 5.0 Corporate bond average maturity (years) 7.4 6.1 7.6 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 43 241 396 Bank branches per 100,000 adults (age 15+) 3.6 8.1 10.4 Account at a formal financial institution (%, age 15+) .. .. 25.5 Saved at a financial institution in the past year (%, age 15+) .. .. 8.6 Loan from a financial institution in the past year (%, age 15+) .. .. 7.6 Firms with bank loan/line of credit (%) .. 32.7 30.4 Firms using banks to finance investments (%) 2.1 26.8 21.2 Firms using banks to finance working capital (%) 10.2 5.0 25.5 Small firms with bank loan/line of credit (%) .. 26.5 23.6 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 44.1 45.1 54.1 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 48.2 48.1 49.6 Nonfin. corporate bonds to total bonds and notes outstanding (%) 2.6 11.1 11.9 Efficiency—Financial Institutions Bank net interest margin (%) 5.9 5.5 4.6 Bank lending-deposit spread 8.5 6.7 6.6 Bank overhead costs to total assets (%) 5.0 4.0 3.7 Bank return on assets (%, after tax) 1.3 1.6 1.3 Bank return on equity (%, after tax) 13.2 14.9 10.5 Efficiency—Financial Markets Stock market turnover ratio (%) 6.7 10.5 5.1 Stability—Financial Institutions Bank Z-score 12.7 12.6 13.3 Bank nonperforming loans to gross loans (%) 8.7 3.9 5.0 Bank regulatory capital to risk-weighted assets (%) 16.2 15.4 16.9 Stability—Financial Markets Stock price volatility 20.0 23.8 14.0 Other Indicators—Financial Institutions Bank concentration (%) 78.2 73.1 68.1 Boone indicator –0.06 –0.05 –0.05 Banking crisis dummy .. .. .. Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 4.7 4.6 3.9 Stock market return (%, year-on-year) 18.8 –12.2 11.3 14 2015/2016  The Little Data Book on Financial Development High income Gross domestic product ($ billions) 48,715.2 Population (millions) 1,146.7 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 77.5 93.1 96.8 Deposit money banks’ assets to GDP (%) 91.2 109.8 114.0 Nonbank financial institutions’ assets to GDP (%) 15.0 11.6 13.3 Depth—Financial Markets Stock market capitalization to GDP (%) 49.3 73.3 53.0 Stock market total value traded to GDP (%) 29.7 49.2 13.9 Outstanding domestic private debt securities to GDP (%) 27.6 25.3 44.2 Outstanding domestic public debt securities to GDP (%) 33.1 29.1 34.1 Outstanding international debt securities to GDP (%) 21.9 27.7 43.3 Syndicated loan issuance volume to GDP (%) 3.8 4.1 3.3 Corporate bond issuance volume to GDP (%) 1.5 1.0 2.6 Syndicated loan average maturity (years) 5.0 5.4 5.2 Corporate bond average maturity (years) 8.8 6.7 7.7 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 754 1,321 1,172 Bank branches per 100,000 adults (age 15+) 26.7 27.6 25.6 Account at a formal financial institution (%, age 15+) .. .. 93.2 Saved at a financial institution in the past year (%, age 15+) .. .. 42.7 Loan from a financial institution in the past year (%, age 15+) .. .. 12.2 Firms with bank loan/line of credit (%) .. 48.4 48.0 Firms using banks to finance investments (%) 34.3 41.1 31.7 Firms using banks to finance working capital (%) 27.7 63.2 35.3 Small firms with bank loan/line of credit (%) .. 41.7 46.1 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 36.5 42.2 51.7 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 46.0 41.9 49.8 Nonfin. corporate bonds to total bonds and notes outstanding (%) 9.1 10.6 6.5 Efficiency—Financial Institutions Bank net interest margin (%) 2.3 2.3 2.1 Bank lending-deposit spread 4.0 3.3 4.5 Bank overhead costs to total assets (%) 1.9 1.7 1.9 Bank return on assets (%, after tax) 0.9 0.8 0.6 Bank return on equity (%, after tax) 13.0 8.5 7.4 Efficiency—Financial Markets Stock market turnover ratio (%) 55.8 79.1 43.7 Stability—Financial Institutions Bank Z-score 15.8 15.1 15.3 Bank nonperforming loans to gross loans (%) 2.6 1.9 3.6 Bank regulatory capital to risk-weighted assets (%) 12.8 12.3 16.0 Stability—Financial Markets Stock price volatility 23.5 23.1 16.1 Other Indicators—Financial Institutions Bank concentration (%) 80.5 76.3 76.1 Boone indicator –0.04 –0.04 –0.02 Banking crisis dummy .. .. .. Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 32.6 34.8 30.4 Stock market return (%, year-on-year) –5.3 –21.5 14.4 The Little Data Book on Financial Development  2015/2016 15 Euro area data Gross domestic product ($ billions) 13,117.1 Population (millions) data 332.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 99.5 106.8 119.8 Deposit money banks’ assets to GDP (%) 108.3 127.7 138.2 Nonbank financial institutions’ assets to GDP (%) 40.9 46.2 .. Depth—Financial Markets Stock market capitalization to GDP (%) 40.3 53.3 36.5 Stock market total value traded to GDP (%) 14.0 34.1 10.2 Outstanding domestic private debt securities to GDP (%) 31.6 34.8 37.8 Outstanding domestic public debt securities to GDP (%) 40.3 35.4 46.6 Outstanding international debt securities to GDP (%) 41.7 62.1 68.5 Syndicated loan issuance volume to GDP (%) 3.6 4.0 3.3 Corporate bond issuance volume to GDP (%) 1.6 0.8 2.9 Syndicated loan average maturity (years) 5.1 5.6 5.3 Corporate bond average maturity (years) 9.6 6.7 8.6 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 754 1,698 1,688 Bank branches per 100,000 adults (age 15+) 35.9 40.0 34.4 Account at a formal financial institution (%, age 15+) .. .. 95.3 Saved at a financial institution in the past year (%, age 15+) .. .. 42.6 Loan from a financial institution in the past year (%, age 15+) .. .. 11.4 Firms with bank loan/line of credit (%) .. 50.8 42.5 Firms using banks to finance investments (%) 13.6 41.5 32.8 Firms using banks to finance working capital (%) 21.0 .. 36.2 Small firms with bank loan/line of credit (%) .. 43.7 41.5 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 22.1 19.9 15.3 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 43.0 33.2 23.0 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.3 2.0 1.9 Bank lending-deposit spread 3.3 2.3 4.9 Bank overhead costs to total assets (%) 2.4 1.9 1.8 Bank return on assets (%, after tax) 0.7 0.2 0.3 Bank return on equity (%, after tax) 7.9 4.0 4.6 Efficiency—Financial Markets Stock market turnover ratio (%) 39.6 65.3 40.1 Stability—Financial Institutions Bank Z-score 12.5 9.1 9.1 Bank nonperforming loans to gross loans (%) 2.6 2.8 7.2 Bank regulatory capital to risk-weighted assets (%) 12.4 11.7 15.4 Stability—Financial Markets Stock price volatility 26.1 23.3 18.6 Other Indicators—Financial Institutions Bank concentration (%) 86.0 72.8 70.2 Boone indicator –0.05 –0.06 –0.03 Banking crisis dummy .. .. .. Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 24.1 15.6 13.1 Stock market return (%, year-on-year) –11.0 –25.1 15.5 16 2015/2016  The Little Data Book on Financial Development Country tables Cyprus GDP data refer to the area controlled by the government of Cyprus. Morocco GDP data include Former Spanish Sahara. Sudan GDP data exclude South Sudan after 2011. Tanzania GDP data refer to mainland Tanzania only. The Little Data Book on Financial Development  2015/2016 17 Afghanistan South Asia Low income Gross domestic product ($ billions) data 20.3 Population (millions) data 30.6 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. 8.3 4.0 Deposit money banks’ assets to GDP (%) .. 9.0 4.0 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 38 172 Bank branches per 100,000 adults (age 15+) 0.4 1.5 2.5 Account at a formal financial institution (%, age 15+) .. .. 9.0 Saved at a financial institution in the past year (%, age 15+) .. .. 2.8 Loan from a financial institution in the past year (%, age 15+) .. .. 7.4 Firms with bank loan/line of credit (%) .. 3.4 .. Firms using banks to finance investments (%) .. 1.4 .. Firms using banks to finance working capital (%) .. 2.5 .. Small firms with bank loan/line of credit (%) .. 2.3 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 9.8 10.5 5.8 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 7.7 5.1 3.8 Bank return on assets (%, after tax) 2.0 2.0 0.5 Bank return on equity (%, after tax) 7.1 12.7 9.0 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 32.1 19.8 6.9 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 71.7 64.6 Boone indicator 0.27 0.60 0.06 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 18 2015/2016  The Little Data Book on Financial Development Europe & Central Asia Albania Lower middle income Gross domestic product ($ billions) 12.9 Population (millions) 2.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 6.5 30.8 37.7 Deposit money banks’ assets to GDP (%) 33.3 55.2 62.7 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 1.5 .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 8.8 .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 9.1 22.1 21.9 Account at a formal financial institution (%, age 15+) .. .. 28.3 Saved at a financial institution in the past year (%, age 15+) .. .. 8.6 Loan from a financial institution in the past year (%, age 15+) .. .. 7.5 Firms with bank loan/line of credit (%) .. 42.2 28.2 Firms using banks to finance investments (%) 37.0 12.4 11.2 Firms using banks to finance working capital (%) 28.4 33.3 23.1 Small firms with bank loan/line of credit (%) .. 37.9 20.1 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.6 4.7 3.7 Bank lending-deposit spread 5.9 6.2 5.7 Bank overhead costs to total assets (%) 2.2 2.5 2.2 Bank return on assets (%, after tax) 1.1 1.5 0.5 Bank return on equity (%, after tax) 12.9 17.4 3.9 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 20.2 25.2 29.1 Bank nonperforming loans to gross loans (%) 4.6 6.6 23.5 Bank regulatory capital to risk-weighted assets (%) 28.5 17.2 17.9 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 95.5 73.1 56.6 Boone indicator –0.06 –0.06 –0.01 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 19 Algeria Middle East & North Africa Upper middle income Gross domestic product ($ billions) data 210.2 Population (millions) data 39.2 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 10.7 11.8 15.2 Deposit money banks’ assets to GDP (%) 41.2 29.7 37.8 Nonbank financial institutions’ assets to GDP (%) 0.3 0.9 0.5 Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 1.0 1.0 .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 7.8 15.0 .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 331 326 332 Bank branches per 100,000 adults (age 15+) 4.6 5.1 5.1 Account at a formal financial institution (%, age 15+) .. .. 33.3 Saved at a financial institution in the past year (%, age 15+) .. .. 4.3 Loan from a financial institution in the past year (%, age 15+) .. .. 1.5 Firms with bank loan/line of credit (%) .. 31.1 .. Firms using banks to finance investments (%) .. 8.9 .. Firms using banks to finance working capital (%) .. 28.6 .. Small firms with bank loan/line of credit (%) .. 16.4 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.2 3.2 2.7 Bank lending-deposit spread 2.9 6.3 6.3 Bank overhead costs to total assets (%) 0.8 1.0 0.9 Bank return on assets (%, after tax) 0.2 1.1 1.1 Bank return on equity (%, after tax) 3.7 18.6 10.3 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 10.9 13.3 23.9 Bank nonperforming loans to gross loans (%) .. 21.1 10.6 Bank regulatory capital to risk-weighted assets (%) .. 26.2 21.0 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 86.4 74.0 84.8 Boone indicator 0.05 0.01 0.01 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 20 2015/2016  The Little Data Book on Financial Development Andorra High income Gross domestic product ($ billions) .. Population (thousands) 79.2 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. .. .. Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 1.9 1.3 1.5 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 1.3 1.3 2.0 Bank return on assets (%, after tax) 2.5 1.5 1.1 Bank return on equity (%, after tax) 19.4 15.1 11.1 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 21.8 15.1 14.8 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 100.0 100.0 Boone indicator –0.02 –0.04 .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 21 Angola Sub-Saharan Africa Upper middle income Gross domestic product ($ billions) data 124.2 Population (millions) data 21.5 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 3.7 9.8 22.6 Deposit money banks’ assets to GDP (%) 4.7 18.0 32.2 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 13.7 5.0 2.9 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 5.2 4.7 4.1 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 0 50 571 Bank branches per 100,000 adults (age 15+) 2.2 5.6 12.8 Account at a formal financial institution (%, age 15+) .. .. 39.2 Saved at a financial institution in the past year (%, age 15+) .. .. 15.9 Loan from a financial institution in the past year (%, age 15+) .. .. 7.9 Firms with bank loan/line of credit (%) .. 9.5 .. Firms using banks to finance investments (%) .. 13.1 .. Firms using banks to finance working capital (%) .. 13.4 .. Small firms with bank loan/line of credit (%) .. 4.2 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.3 6.5 5.1 Bank lending-deposit spread 69.9 6.0 12.7 Bank overhead costs to total assets (%) 5.7 3.5 4.0 Bank return on assets (%, after tax) 2.5 3.6 2.0 Bank return on equity (%, after tax) 24.5 41.6 18.7 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 16.1 14.1 15.2 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 84.2 77.4 69.4 Boone indicator –0.06 –0.10 –0.08 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 22 2015/2016  The Little Data Book on Financial Development Antigua and Barbuda Latin America & Caribbean Upper middle income Gross domestic product ($ billions) 1.2 Population (thousands) 90.0 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 65.3 66.2 69.0 Deposit money banks’ assets to GDP (%) 81.6 82.5 89.2 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. 7.6 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. 7.0 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. 39.5 36.1 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 49.2 .. Firms using banks to finance investments (%) .. 49.4 .. Firms using banks to finance working capital (%) .. 46.3 .. Small firms with bank loan/line of credit (%) .. 51.8 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 4.8 1.1 .. Bank lending-deposit spread 8.0 6.9 6.9 Bank overhead costs to total assets (%) 4.3 4.7 .. Bank return on assets (%, after tax) 1.8 0.8 .. Bank return on equity (%, after tax) 25.6 13.5 .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 16.3 11.0 .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 97.6 100.0 .. Boone indicator –0.09 –0.10 .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 23 Argentina Latin America & Caribbean Upper middle income Gross domestic product ($ billions) data 609.9 Population (millions) data 41.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 11.8 12.4 14.0 Deposit money banks’ assets to GDP (%) 37.4 20.9 20.6 Nonbank financial institutions’ assets to GDP (%) 0.4 0.5 0.5 Depth—Financial Markets Stock market capitalization to GDP (%) 58.7 17.7 6.5 Stock market total value traded to GDP (%) 2.5 2.7 0.3 Outstanding domestic private debt securities to GDP (%) 10.3 3.8 2.0 Outstanding domestic public debt securities to GDP (%) 20.8 18.1 10.4 Outstanding international debt securities to GDP (%) 74.1 18.0 10.2 Syndicated loan issuance volume to GDP (%) 0.1 0.2 0.2 Corporate bond issuance volume to GDP (%) 0.0 0.3 0.6 Syndicated loan average maturity (years) 2.2 4.6 4.4 Corporate bond average maturity (years) 4.7 2.9 4.6 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 471 623 788 Bank branches per 100,000 adults (age 15+) 13.4 13.1 13.4 Account at a formal financial institution (%, age 15+) .. .. 33.1 Saved at a financial institution in the past year (%, age 15+) .. .. 3.8 Loan from a financial institution in the past year (%, age 15+) .. .. 6.6 Firms with bank loan/line of credit (%) .. 49.3 .. Firms using banks to finance investments (%) .. 30.3 .. Firms using banks to finance working capital (%) .. 33.3 .. Small firms with bank loan/line of credit (%) .. 38.0 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 25.0 29.8 38.1 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 21.3 25.2 25.9 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.2 5.6 8.0 Bank lending-deposit spread 9.0 8.4 2.3 Bank overhead costs to total assets (%) 5.3 6.9 7.6 Bank return on assets (%, after tax) –1.9 1.6 2.1 Bank return on equity (%, after tax) –17.7 12.3 16.6 Efficiency—Financial Markets Stock market turnover ratio (%) 6.5 18.7 3.7 Stability—Financial Institutions Bank Z-score 2.4 3.3 3.2 Bank nonperforming loans to gross loans (%) 17.7 3.1 1.7 Bank regulatory capital to risk-weighted assets (%) 14.5 16.9 13.6 Stability—Financial Markets Stock price volatility 43.9 26.7 27.8 Other Indicators—Financial Institutions Bank concentration (%) 59.9 51.4 66.4 Boone indicator 0.06 –0.05 –0.11 Banking crisis dummy 1 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 2.8 2.5 2.5 Stock market return (%, year-on-year) 83.3 –17.7 60.0 24 2015/2016  The Little Data Book on Financial Development Europe & Central Asia Armenia Lower middle income Gross domestic product ($ billions) 10.4 Population (millions) 3.0 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 5.6 15.0 41.5 Deposit money banks’ assets to GDP (%) 7.8 17.1 46.9 Nonbank financial institutions’ assets to GDP (%) .. 0.6 1.1 Depth—Financial Markets Stock market capitalization to GDP (%) 0.6 1.3 1.3 Stock market total value traded to GDP (%) 0.0 0.0 0.0 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 0.5 1.4 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. 4.5 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 212 461 711 Bank branches per 100,000 adults (age 15+) 10.8 17.1 21.4 Account at a formal financial institution (%, age 15+) .. .. 17.5 Saved at a financial institution in the past year (%, age 15+) .. .. 0.8 Loan from a financial institution in the past year (%, age 15+) .. .. 18.9 Firms with bank loan/line of credit (%) .. 44.3 46.3 Firms using banks to finance investments (%) 5.6 31.9 18.6 Firms using banks to finance working capital (%) 10.9 .. 39.1 Small firms with bank loan/line of credit (%) .. 34.7 31.0 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.3 8.3 6.1 Bank lending-deposit spread 14.0 10.4 5.8 Bank overhead costs to total assets (%) 4.0 5.8 3.4 Bank return on assets (%, after tax) 2.4 3.0 1.5 Bank return on equity (%, after tax) 18.1 13.8 9.7 Efficiency—Financial Markets Stock market turnover ratio (%) 4.1 0.6 0.8 Stability—Financial Institutions Bank Z-score 13.2 23.0 14.9 Bank nonperforming loans to gross loans (%) 5.4 4.3 4.5 Bank regulatory capital to risk-weighted assets (%) 33.8 27.5 16.7 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 83.1 47.8 40.3 Boone indicator –0.11 –0.16 –0.14 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 70.2 3.4 4.0 Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 25 Aruba High income Gross domestic product ($ billions) data 2.6 Population (thousands) data 102.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 52.7 53.2 61.0 Deposit money banks’ assets to GDP (%) 54.7 55.5 67.8 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 0.9 5.5 6.8 Syndicated loan issuance volume to GDP (%) .. 2.1 .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 13.0 .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. .. 19.5 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.0 7.1 6.5 Bank lending-deposit spread 6.2 7.6 7.1 Bank overhead costs to total assets (%) 5.5 4.7 3.2 Bank return on assets (%, after tax) 2.7 1.9 2.7 Bank return on equity (%, after tax) 32.5 18.6 19.4 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 18.1 18.1 26.2 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 26 2015/2016  The Little Data Book on Financial Development Australia High income Gross domestic product ($ billions) 1,560.4 Population (millions) 23.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 90.0 115.6 121.7 Deposit money banks’ assets to GDP (%) 91.1 116.6 124.8 Nonbank financial institutions’ assets to GDP (%) .. 24.0 13.9 Depth—Financial Markets Stock market capitalization to GDP (%) 108.3 104.0 82.9 Stock market total value traded to GDP (%) 75.1 121.5 76.9 Outstanding domestic private debt securities to GDP (%) 47.4 64.4 53.1 Outstanding domestic public debt securities to GDP (%) 17.0 11.4 34.1 Outstanding international debt securities to GDP (%) 30.8 44.2 40.5 Syndicated loan issuance volume to GDP (%) 5.3 12.2 6.9 Corporate bond issuance volume to GDP (%) 1.5 0.6 2.2 Syndicated loan average maturity (years) 3.4 4.2 4.1 Corporate bond average maturity (years) 7.1 7.9 8.6 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 30.7 31.3 30.7 Account at a formal financial institution (%, age 15+) .. .. 99.1 Saved at a financial institution in the past year (%, age 15+) .. .. 61.9 Loan from a financial institution in the past year (%, age 15+) .. .. 17.0 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 55.2 60.0 62.5 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 58.5 56.1 50.3 Nonfin. corporate bonds to total bonds and notes outstanding (%) 8.6 4.2 3.7 Efficiency—Financial Institutions Bank net interest margin (%) 1.1 1.8 2.1 Bank lending-deposit spread 4.9 4.2 2.9 Bank overhead costs to total assets (%) 0.8 0.9 1.1 Bank return on assets (%, after tax) 1.1 0.1 0.9 Bank return on equity (%, after tax) 16.2 1.5 14.1 Efficiency—Financial Markets Stock market turnover ratio (%) 73.2 92.7 82.7 Stability—Financial Institutions Bank Z-score 13.7 4.2 11.3 Bank nonperforming loans to gross loans (%) 0.3 1.3 1.4 Bank regulatory capital to risk-weighted assets (%) 10.0 11.3 11.6 Stability—Financial Markets Stock price volatility 11.6 22.2 12.8 Other Indicators—Financial Institutions Bank concentration (%) 100.0 96.7 68.8 Boone indicator –0.09 0.13 0.28 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 70.6 90.5 86.2 Stock market return (%, year-on-year) –3.6 –19.1 16.6 The Little Data Book on Financial Development  2015/2016 27 Austria High income Gross domestic product ($ billions) data 428.3 Population (millions) 8.5 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 103.3 115.9 114.7 Deposit money banks’ assets to GDP (%) 121.5 127.7 131.2 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 17.9 37.4 22.3 Stock market total value traded to GDP (%) 3.4 27.6 10.2 Outstanding domestic private debt securities to GDP (%) 39.5 51.7 48.0 Outstanding domestic public debt securities to GDP (%) 40.1 29.0 33.8 Outstanding international debt securities to GDP (%) 58.6 85.7 79.1 Syndicated loan issuance volume to GDP (%) 0.9 1.2 1.3 Corporate bond issuance volume to GDP (%) 0.9 0.2 1.3 Syndicated loan average maturity (years) 5.9 3.3 5.8 Corporate bond average maturity (years) 9.2 5.3 9.4 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 13.9 12.6 15.6 Account at a formal financial institution (%, age 15+) .. .. 97.1 Saved at a financial institution in the past year (%, age 15+) .. .. 51.6 Loan from a financial institution in the past year (%, age 15+) .. .. 8.3 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 18.8 19.8 19.9 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 40.6 36.1 36.3 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.3 2.1 1.5 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 2.5 2.2 2.5 Bank return on assets (%, after tax) 0.9 –0.4 0.3 Bank return on equity (%, after tax) 7.9 –4.0 4.6 Efficiency—Financial Markets Stock market turnover ratio (%) 23.2 65.3 51.9 Stability—Financial Institutions Bank Z-score 28.5 17.1 15.2 Bank nonperforming loans to gross loans (%) 3.0 1.9 2.9 Bank regulatory capital to risk-weighted assets (%) 14.5 12.9 18.0 Stability—Financial Markets Stock price volatility 14.3 26.9 21.6 Other Indicators—Financial Institutions Bank concentration (%) 28.4 72.8 58.7 Boone indicator –0.06 –0.04 –0.03 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 10.6 12.3 8.3 Stock market return (%, year-on-year) 10.2 –26.9 17.0 28 2015/2016  The Little Data Book on Financial Development Europe & Central Asia Azerbaijan Upper middle income Gross domestic product ($ billions) 73.6 Population (millions) 9.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 6.0 13.6 22.4 Deposit money banks’ assets to GDP (%) 8.4 16.2 25.5 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. 0.1 1.4 Syndicated loan issuance volume to GDP (%) 19.2 2.0 0.1 Corporate bond issuance volume to GDP (%) 0.0 0.0 1.4 Syndicated loan average maturity (years) 11.6 3.9 3.8 Corporate bond average maturity (years) 1.0 1.0 10.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 93 262 546 Bank branches per 100,000 adults (age 15+) 6.5 9.2 10.3 Account at a formal financial institution (%, age 15+) .. .. 14.9 Saved at a financial institution in the past year (%, age 15+) .. .. 1.6 Loan from a financial institution in the past year (%, age 15+) .. .. 17.7 Firms with bank loan/line of credit (%) .. 19.9 14.5 Firms using banks to finance investments (%) 3.9 19.0 27.6 Firms using banks to finance working capital (%) 4.1 .. 15.9 Small firms with bank loan/line of credit (%) .. 18.1 14.7 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 7.4 8.3 5.8 Bank lending-deposit spread 5.9 7.5 8.3 Bank overhead costs to total assets (%) 19.4 4.7 4.7 Bank return on assets (%, after tax) 1.6 1.4 1.5 Bank return on equity (%, after tax) 12.4 9.7 10.3 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 11.0 9.7 10.4 Bank nonperforming loans to gross loans (%) .. 3.5 4.5 Bank regulatory capital to risk-weighted assets (%) .. 17.7 18.1 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 58.5 47.2 49.9 Boone indicator –0.11 –0.07 –0.09 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 29 Bahamas, The High income Gross domestic product ($ billions) 8.4 data Population (thousands) data 377.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 57.1 77.7 78.1 Deposit money banks’ assets to GDP (%) 64.6 86.8 95.5 Nonbank financial institutions’ assets to GDP (%) 2.2 0.4 0.3 Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 4.1 8.3 24.5 Syndicated loan issuance volume to GDP (%) 4.5 7.2 .. Corporate bond issuance volume to GDP (%) 5.5 6.4 2.8 Syndicated loan average maturity (years) 2.3 6.3 6.7 Corporate bond average maturity (years) 8.2 7.5 23.1 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. 38.7 34.6 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 34.2 .. Firms using banks to finance investments (%) .. 14.6 .. Firms using banks to finance working capital (%) .. 28.5 .. Small firms with bank loan/line of credit (%) .. 28.4 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 1.6 3.2 3.3 Bank lending-deposit spread 2.1 1.6 3.1 Bank overhead costs to total assets (%) 0.8 1.5 2.2 Bank return on assets (%, after tax) 2.5 1.7 0.3 Bank return on equity (%, after tax) 14.3 7.7 1.5 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 15.9 18.4 17.0 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 68.2 76.2 86.0 Boone indicator –0.03 –0.02 –0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 30 2015/2016  The Little Data Book on Financial Development Bahrain High income Gross domestic product ($ billions) 32.9 Population (millions) 1.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 39.9 54.4 67.4 Deposit money banks’ assets to GDP (%) 48.8 61.1 90.0 Nonbank financial institutions’ assets to GDP (%) 11.0 34.3 30.7 Depth—Financial Markets Stock market capitalization to GDP (%) 96.7 96.4 54.4 Stock market total value traded to GDP (%) 3.5 8.9 1.0 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 24.2 22.8 36.4 Syndicated loan issuance volume to GDP (%) 13.5 0.5 2.2 Corporate bond issuance volume to GDP (%) .. 0.7 2.0 Syndicated loan average maturity (years) 10.9 6.0 1.6 Corporate bond average maturity (years) .. 5.0 7.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. .. .. Account at a formal financial institution (%, age 15+) .. .. 64.5 Saved at a financial institution in the past year (%, age 15+) .. .. 16.3 Loan from a financial institution in the past year (%, age 15+) .. .. 21.9 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.4 2.4 2.6 Bank lending-deposit spread 6.8 6.6 4.9 Bank overhead costs to total assets (%) 1.5 1.3 1.2 Bank return on assets (%, after tax) 1.9 1.6 1.9 Bank return on equity (%, after tax) 14.7 11.2 16.0 Efficiency—Financial Markets Stock market turnover ratio (%) 4.6 11.9 1.8 Stability—Financial Institutions Bank Z-score 16.9 17.2 16.1 Bank nonperforming loans to gross loans (%) .. 2.3 5.6 Bank regulatory capital to risk-weighted assets (%) .. 18.1 19.2 Stability—Financial Markets Stock price volatility 11.2 9.4 7.1 Other Indicators—Financial Institutions Bank concentration (%) 87.2 79.0 90.3 Boone indicator –0.02 –0.01 –0.02 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 54.4 40.3 32.6 Stock market return (%, year-on-year) 26.8 10.3 4.2 The Little Data Book on Financial Development  2015/2016 31 Bangladesh South Asia Low income Gross domestic product ($ billions) data 150.0 Population (millions) data 156.6 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 28.2 35.9 45.5 Deposit money banks’ assets to GDP (%) 45.4 53.2 64.1 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 2.7 7.5 14.5 Stock market total value traded to GDP (%) 1.0 7.7 10.8 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 0.1 0.2 0.6 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 11.9 3.7 3.7 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 248 269 577 Bank branches per 100,000 adults (age 15+) 6.9 7.0 8.2 Account at a formal financial institution (%, age 15+) .. .. 39.6 Saved at a financial institution in the past year (%, age 15+) .. .. 16.6 Loan from a financial institution in the past year (%, age 15+) .. .. 23.3 Firms with bank loan/line of credit (%) .. .. 34.1 Firms using banks to finance investments (%) .. 24.7 19.8 Firms using banks to finance working capital (%) .. 43.1 29.9 Small firms with bank loan/line of credit (%) .. .. 27.5 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.1 7.2 6.3 Bank lending-deposit spread 8.2 6.7 1.8 Bank overhead costs to total assets (%) 2.0 2.2 4.1 Bank return on assets (%, after tax) 0.4 3.2 2.3 Bank return on equity (%, after tax) 11.5 5.3 21.4 Efficiency—Financial Markets Stock market turnover ratio (%) 23.6 134.9 65.1 Stability—Financial Institutions Bank Z-score 3.0 37.1 7.0 Bank nonperforming loans to gross loans (%) 22.1 .. 8.6 Bank regulatory capital to risk-weighted assets (%) 8.4 .. 10.8 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 55.6 41.6 82.0 Boone indicator –0.07 –0.08 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 1.8 2.0 1.5 Stock market return (%, year-on-year) .. .. .. 32 2015/2016  The Little Data Book on Financial Development Barbados High income Gross domestic product ($ billions) 4.2 Population (thousands) 284.6 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 56.8 75.0 .. Deposit money banks’ assets to GDP (%) 79.2 94.7 .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 106.7 118.6 107.3 Stock market total value traded to GDP (%) 15.8 5.4 0.4 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 7.7 21.2 31.5 Syndicated loan issuance volume to GDP (%) .. .. 2.1 Corporate bond issuance volume to GDP (%) .. 9.8 .. Syndicated loan average maturity (years) .. .. 2.6 Corporate bond average maturity (years) .. 5.0 .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. 19.3 19.2 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 58.2 .. Firms using banks to finance investments (%) .. 45.5 .. Firms using banks to finance working capital (%) .. 38.7 .. Small firms with bank loan/line of credit (%) .. 58.1 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 5.1 5.0 2.9 Bank lending-deposit spread 5.9 5.6 6.2 Bank overhead costs to total assets (%) 4.6 3.1 0.5 Bank return on assets (%, after tax) 1.4 2.2 1.9 Bank return on equity (%, after tax) 9.8 24.7 15.1 Efficiency—Financial Markets Stock market turnover ratio (%) 5.6 3.5 0.4 Stability—Financial Institutions Bank Z-score 23.6 15.0 18.8 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. 97.7 94.6 Boone indicator 0.00 –0.01 –0.01 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 70.2 72.0 84.7 Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 33 Belarus Europe & Central Asia Upper middle income Gross domestic product ($ billions) data 71.7 Population (millions) 9.5 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 9.9 23.6 21.7 Deposit money banks’ assets to GDP (%) 18.0 35.2 44.4 Nonbank financial institutions’ assets to GDP (%) .. 0.1 5.9 Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. 0.0 2.6 Syndicated loan issuance volume to GDP (%) 0.1 0.1 1.7 Corporate bond issuance volume to GDP (%) .. 0.0 .. Syndicated loan average maturity (years) 4.1 1.0 .. Corporate bond average maturity (years) .. 3.0 .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 6.1 4.4 1.6 Account at a formal financial institution (%, age 15+) .. .. 58.6 Saved at a financial institution in the past year (%, age 15+) .. .. 6.8 Loan from a financial institution in the past year (%, age 15+) .. .. 16.1 Firms with bank loan/line of credit (%) .. 49.5 30.4 Firms using banks to finance investments (%) 11.0 35.8 27.3 Firms using banks to finance working capital (%) 10.3 .. 31.8 Small firms with bank loan/line of credit (%) .. 33.2 19.0 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 8.7 8.7 9.8 Bank lending-deposit spread 6.5 0.0 0.3 Bank overhead costs to total assets (%) 6.2 8.1 6.9 Bank return on assets (%, after tax) 5.3 2.9 2.0 Bank return on equity (%, after tax) 16.2 14.7 12.1 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 18.7 10.5 9.0 Bank nonperforming loans to gross loans (%) 3.7 1.7 4.4 Bank regulatory capital to risk-weighted assets (%) 26.0 21.8 15.5 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 64.5 70.6 Boone indicator 0.29 0.23 0.62 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 34 2015/2016  The Little Data Book on Financial Development Belgium High income Gross domestic product ($ billions) 524.8 Population (millions) 11.2 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 73.3 92.2 91.6 Deposit money banks’ assets to GDP (%) 109.4 112.6 114.0 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 51.5 56.9 51.6 Stock market total value traded to GDP (%) 13.1 47.4 20.4 Outstanding domestic private debt securities to GDP (%) 37.3 34.8 54.2 Outstanding domestic public debt securities to GDP (%) 88.4 57.7 59.1 Outstanding international debt securities to GDP (%) 49.0 65.5 76.2 Syndicated loan issuance volume to GDP (%) 2.6 13.1 2.5 Corporate bond issuance volume to GDP (%) 1.0 0.2 3.0 Syndicated loan average maturity (years) 4.9 2.4 4.2 Corporate bond average maturity (years) 12.0 6.4 9.1 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 57.2 49.7 41.5 Account at a formal financial institution (%, age 15+) .. .. 96.3 Saved at a financial institution in the past year (%, age 15+) .. .. 42.6 Loan from a financial institution in the past year (%, age 15+) .. .. 10.5 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.8 2.0 1.9 Bank lending-deposit spread 5.2 .. .. Bank overhead costs to total assets (%) 1.9 1.4 1.1 Bank return on assets (%, after tax) 0.8 0.3 0.5 Bank return on equity (%, after tax) 6.7 5.4 7.7 Efficiency—Financial Markets Stock market turnover ratio (%) 26.0 71.5 40.1 Stability—Financial Institutions Bank Z-score 44.8 41.4 46.4 Bank nonperforming loans to gross loans (%) 2.6 1.7 4.3 Bank regulatory capital to risk-weighted assets (%) 12.8 16.4 18.7 Stability—Financial Markets Stock price volatility 26.1 20.9 15.8 Other Indicators—Financial Institutions Bank concentration (%) 43.9 60.8 70.2 Boone indicator –0.15 –0.13 –0.09 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 24.1 15.6 13.8 Stock market return (%, year-on-year) –14.8 –27.1 12.7 The Little Data Book on Financial Development  2015/2016 35 Belize Latin America & Caribbean Lower middle income Gross domestic product ($ billions) 1.6 data Population (thousands) data 331.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 47.9 60.9 55.3 Deposit money banks’ assets to GDP (%) 51.3 64.4 61.2 Nonbank financial institutions’ assets to GDP (%) 11.1 .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 17.6 8.3 6.1 Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 587 1,084 779 Bank branches per 100,000 adults (age 15+) 26.3 27.9 25.9 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 43.9 .. Firms using banks to finance investments (%) .. 36.7 .. Firms using banks to finance working capital (%) .. 57.0 .. Small firms with bank loan/line of credit (%) .. 43.7 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 7.6 5.7 7.6 Bank lending-deposit spread 7.4 5.7 8.0 Bank overhead costs to total assets (%) 3.5 3.5 5.4 Bank return on assets (%, after tax) 5.4 2.7 1.6 Bank return on equity (%, after tax) 42.5 17.6 8.8 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 13.9 12.7 14.5 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 92.7 .. Boone indicator –0.06 –0.06 –0.02 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 36 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa BeninLow income Gross domestic product ($ billions) 8.3 Population (millions) 10.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 12.5 19.6 23.4 Deposit money banks’ assets to GDP (%) 13.6 22.9 28.3 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 46 75 156 Bank branches per 100,000 adults (age 15+) 0.9 2.4 3.3 Account at a formal financial institution (%, age 15+) .. .. 10.5 Saved at a financial institution in the past year (%, age 15+) .. .. 7.0 Loan from a financial institution in the past year (%, age 15+) .. .. 4.2 Firms with bank loan/line of credit (%) .. 45.6 .. Firms using banks to finance investments (%) .. 3.8 .. Firms using banks to finance working capital (%) .. 39.4 .. Small firms with bank loan/line of credit (%) .. 42.1 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.0 4.5 2.3 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 4.8 3.9 3.7 Bank return on assets (%, after tax) 0.4 1.3 1.1 Bank return on equity (%, after tax) 4.7 15.0 15.6 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 15.3 16.7 13.3 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 78.2 85.0 87.5 Boone indicator 0.01 –0.01 –0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 37 Bermuda High income Gross domestic product ($ billions) data 5.5 Population (thousands) data 65.0 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 28.9 55.3 31.8 Corporate bond issuance volume to GDP (%) 21.0 15.8 22.5 Syndicated loan average maturity (years) 4.6 8.8 5.8 Corporate bond average maturity (years) 16.8 9.8 8.3 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. .. .. Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 1.8 2.6 2.2 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 2.9 3.1 2.2 Bank return on assets (%, after tax) 0.9 1.6 0.6 Bank return on equity (%, after tax) 16.6 16.1 5.7 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 8.5 15.6 11.9 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 100.0 97.6 Boone indicator –0.06 –0.06 –0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 347.4 245.1 200.6 Stock market return (%, year-on-year) .. .. .. 38 2015/2016  The Little Data Book on Financial Development South Asia Bhutan Lower middle income Gross domestic product ($ billions) 1.8 Population (thousands) 753.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 11.2 28.3 44.9 Deposit money banks’ assets to GDP (%) 15.3 30.6 50.1 Nonbank financial institutions’ assets to GDP (%) 8.8 8.2 12.6 Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 5.8 .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 10.3 .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 14.4 12.8 16.4 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 58.6 .. Firms using banks to finance investments (%) .. 64.2 .. Firms using banks to finance working capital (%) .. 59.5 .. Small firms with bank loan/line of credit (%) .. 54.8 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.9 4.9 3.5 Bank lending-deposit spread 10.0 11.8 8.0 Bank overhead costs to total assets (%) 0.9 1.1 0.9 Bank return on assets (%, after tax) 1.3 1.3 1.1 Bank return on equity (%, after tax) 16.4 16.7 6.9 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 28.3 23.2 54.6 Bank nonperforming loans to gross loans (%) .. 6.8 7.0 Bank regulatory capital to risk-weighted assets (%) .. 17.1 20.4 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. 100.0 100.0 Boone indicator –0.08 –0.05 –0.07 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 39 Bolivia Latin America & Caribbean Lower middle income Gross domestic product ($ billions) data 30.6 Population (millions) data 10.7 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 46.9 31.0 37.7 Deposit money banks’ assets to GDP (%) 50.9 32.5 38.4 Nonbank financial institutions’ assets to GDP (%) .. 20.2 19.6 Depth—Financial Markets Stock market capitalization to GDP (%) 16.4 15.7 15.9 Stock market total value traded to GDP (%) 0.0 0.3 0.1 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. 3.7 Syndicated loan issuance volume to GDP (%) 0.6 .. 1.0 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 7.0 .. 3.0 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 116 272 532 Bank branches per 100,000 adults (age 15+) 4.5 6.3 11.7 Account at a formal financial institution (%, age 15+) .. .. 28.0 Saved at a financial institution in the past year (%, age 15+) .. .. 17.1 Loan from a financial institution in the past year (%, age 15+) .. .. 16.6 Firms with bank loan/line of credit (%) .. 49.1 .. Firms using banks to finance investments (%) .. 27.8 .. Firms using banks to finance working capital (%) .. 40.5 .. Small firms with bank loan/line of credit (%) .. 33.3 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 4.8 6.1 5.0 Bank lending-deposit spread 6.3 9.2 9.3 Bank overhead costs to total assets (%) 6.0 6.0 4.5 Bank return on assets (%, after tax) 0.3 2.3 0.9 Bank return on equity (%, after tax) 2.6 24.5 11.1 Efficiency—Financial Markets Stock market turnover ratio (%) 0.2 2.3 0.4 Stability—Financial Institutions Bank Z-score 11.6 10.9 8.2 Bank nonperforming loans to gross loans (%) 16.7 4.3 1.5 Bank regulatory capital to risk-weighted assets (%) 15.3 13.7 12.7 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 56.4 74.4 64.8 Boone indicator –0.07 –0.06 –0.08 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 3.5 3.8 3.8 Stock market return (%, year-on-year) .. .. .. 40 2015/2016  The Little Data Book on Financial Development Bosnia and Herzegovina Europe & Central Asia Upper middle income Gross domestic product ($ billions) 17.9 Population (millions) 3.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. 50.7 51.9 Deposit money banks’ assets to GDP (%) .. 53.9 59.5 Nonbank financial institutions’ assets to GDP (%) .. 29.0 18.8 Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 0.8 0.9 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 7.0 15.3 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 27.1 33.7 31.0 Account at a formal financial institution (%, age 15+) .. .. 56.2 Saved at a financial institution in the past year (%, age 15+) .. .. 6.1 Loan from a financial institution in the past year (%, age 15+) .. .. 13.0 Firms with bank loan/line of credit (%) .. 65.0 66.3 Firms using banks to finance investments (%) 24.7 59.7 38.1 Firms using banks to finance working capital (%) 20.6 .. 46.8 Small firms with bank loan/line of credit (%) .. 54.5 63.0 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 5.9 4.1 4.5 Bank lending-deposit spread 6.8 3.5 4.0 Bank overhead costs to total assets (%) 6.4 3.4 3.7 Bank return on assets (%, after tax) 1.0 0.4 –0.5 Bank return on equity (%, after tax) 7.1 4.1 –3.3 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 15.0 10.9 14.0 Bank nonperforming loans to gross loans (%) 8.4 3.1 15.1 Bank regulatory capital to risk-weighted assets (%) 20.3 16.3 17.8 Stability—Financial Markets Stock price volatility 20.6 22.3 8.5 Other Indicators—Financial Institutions Bank concentration (%) 49.6 56.6 40.5 Boone indicator –0.06 –0.05 –0.05 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) 18.7 –51.2 –6.5 The Little Data Book on Financial Development  2015/2016 41 Botswana Sub-Saharan Africa Upper middle income Gross domestic product ($ billions) data 14.8 Population (millions) 2.0 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 17.7 23.0 30.2 Deposit money banks’ assets to GDP (%) 19.4 24.9 32.6 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 29.2 41.3 28.5 Stock market total value traded to GDP (%) 1.1 1.1 0.8 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 0.4 9.5 2.5 Corporate bond issuance volume to GDP (%) .. 0.1 .. Syndicated loan average maturity (years) 4.5 17.2 6.6 Corporate bond average maturity (years) .. 1.5 .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 340 433 653 Bank branches per 100,000 adults (age 15+) 6.6 8.7 9.3 Account at a formal financial institution (%, age 15+) .. .. 30.3 Saved at a financial institution in the past year (%, age 15+) .. .. 16.5 Loan from a financial institution in the past year (%, age 15+) .. .. 5.6 Firms with bank loan/line of credit (%) .. 50.0 .. Firms using banks to finance investments (%) .. 32.8 .. Firms using banks to finance working capital (%) .. 32.1 .. Small firms with bank loan/line of credit (%) .. 40.8 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.6 6.3 5.0 Bank lending-deposit spread 6.5 7.9 7.1 Bank overhead costs to total assets (%) 1.7 5.0 3.7 Bank return on assets (%, after tax) 1.6 0.8 0.9 Bank return on equity (%, after tax) 9.2 6.8 10.5 Efficiency—Financial Markets Stock market turnover ratio (%) 4.0 3.1 2.7 Stability—Financial Institutions Bank Z-score 26.3 16.7 13.8 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. 10.9 3.6 Other Indicators—Financial Institutions Bank concentration (%) 83.8 100.0 70.1 Boone indicator –0.15 –0.00 –0.05 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 10.4 10.3 12.0 Stock market return (%, year-on-year) –8.4 –9.5 17.0 42 2015/2016  The Little Data Book on Financial Development Latin America & Caribbean Brazil Upper middle income Gross domestic product ($ billions) 2,245.7 Population (millions) 200.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 27.5 42.6 66.5 Deposit money banks’ assets to GDP (%) 60.7 77.8 104.2 Nonbank financial institutions’ assets to GDP (%) 1.7 16.9 15.5 Depth—Financial Markets Stock market capitalization to GDP (%) 32.1 62.9 50.6 Stock market total value traded to GDP (%) 9.8 40.9 36.9 Outstanding domestic private debt securities to GDP (%) 13.1 20.6 31.4 Outstanding domestic public debt securities to GDP (%) 51.7 52.0 56.3 Outstanding international debt securities to GDP (%) 17.5 7.5 11.8 Syndicated loan issuance volume to GDP (%) 0.5 0.9 0.9 Corporate bond issuance volume to GDP (%) 1.6 1.1 1.9 Syndicated loan average maturity (years) 3.6 6.7 4.9 Corporate bond average maturity (years) 6.9 10.5 7.5 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 473 642 Bank branches per 100,000 adults (age 15+) .. 43.1 47.7 Account at a formal financial institution (%, age 15+) .. .. 55.9 Saved at a financial institution in the past year (%, age 15+) .. .. 10.3 Loan from a financial institution in the past year (%, age 15+) .. .. 6.3 Firms with bank loan/line of credit (%) .. 59.2 .. Firms using banks to finance investments (%) .. 43.7 .. Firms using banks to finance working capital (%) .. 52.3 .. Small firms with bank loan/line of credit (%) .. 57.5 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 50.9 50.4 57.2 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 48.4 47.5 48.7 Nonfin. corporate bonds to total bonds and notes outstanding (%) 2.6 4.4 7.4 Efficiency—Financial Institutions Bank net interest margin (%) 7.3 5.6 2.7 Bank lending-deposit spread 45.1 35.6 19.6 Bank overhead costs to total assets (%) 3.8 3.1 1.9 Bank return on assets (%, after tax) 2.4 1.2 0.4 Bank return on equity (%, after tax) 14.6 9.5 5.5 Efficiency—Financial Markets Stock market turnover ratio (%) 34.1 69.9 73.3 Stability—Financial Institutions Bank Z-score 14.3 10.8 5.8 Bank nonperforming loans to gross loans (%) 4.1 3.1 2.9 Bank regulatory capital to risk-weighted assets (%) 18.8 17.7 16.1 Stability—Financial Markets Stock price volatility 32.1 32.7 22.2 Other Indicators—Financial Institutions Bank concentration (%) 44.1 63.7 70.6 Boone indicator –0.14 –0.10 –0.07 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 2.0 2.3 1.8 Stock market return (%, year-on-year) 26.2 4.0 –8.2 The Little Data Book on Financial Development  2015/2016 43 Brunei Darussalam High income Gross domestic product ($ billions) data 16.1 Population (thousands) data 417.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 50.3 34.5 33.9 Deposit money banks’ assets to GDP (%) 51.5 35.9 37.6 Nonbank financial institutions’ assets to GDP (%) .. 0.4 0.6 Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 2.2 3.5 2.1 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 10.0 15.0 14.2 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 1,321 1,536 Bank branches per 100,000 adults (age 15+) 21.1 22.8 22.9 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 5.5 6.6 5.5 Bank lending-deposit spread 4.5 4.6 5.3 Bank overhead costs to total assets (%) 1.3 1.8 1.9 Bank return on assets (%, after tax) 0.8 1.4 1.3 Bank return on equity (%, after tax) 17.4 24.1 16.5 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 5.4 7.8 8.3 Bank nonperforming loans to gross loans (%) .. 9.4 5.4 Bank regulatory capital to risk-weighted assets (%) .. 18.0 19.4 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 44 2015/2016  The Little Data Book on Financial Development Europe & Central Asia Bulgaria Upper middle income Gross domestic product ($ billions) 54.5 Population (millions) 7.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 21.5 63.7 .. Deposit money banks’ assets to GDP (%) 27.0 68.4 .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 6.1 31.1 13.6 Stock market total value traded to GDP (%) 0.9 7.3 0.6 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 22.3 6.0 6.8 Syndicated loan issuance volume to GDP (%) 1.8 1.2 1.2 Corporate bond issuance volume to GDP (%) 1.0 0.6 1.0 Syndicated loan average maturity (years) 13.0 12.1 9.6 Corporate bond average maturity (years) 5.0 2.0 5.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 84.3 90.6 60.2 Account at a formal financial institution (%, age 15+) .. .. 52.8 Saved at a financial institution in the past year (%, age 15+) .. .. 4.8 Loan from a financial institution in the past year (%, age 15+) .. .. 7.8 Firms with bank loan/line of credit (%) .. 40.2 42.1 Firms using banks to finance investments (%) 24.2 34.7 23.5 Firms using banks to finance working capital (%) 25.6 46.6 42.3 Small firms with bank loan/line of credit (%) .. 33.8 30.3 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.5 5.5 1.6 Bank lending-deposit spread 5.6 6.4 6.6 Bank overhead costs to total assets (%) 4.4 3.3 1.9 Bank return on assets (%, after tax) 0.8 1.8 –0.1 Bank return on equity (%, after tax) 6.9 18.9 –0.5 Efficiency—Financial Markets Stock market turnover ratio (%) 15.3 9.9 5.0 Stability—Financial Institutions Bank Z-score 14.5 16.3 14.4 Bank nonperforming loans to gross loans (%) 3.2 2.4 16.9 Bank regulatory capital to risk-weighted assets (%) 22.0 14.9 17.0 Stability—Financial Markets Stock price volatility 32.6 24.2 14.1 Other Indicators—Financial Institutions Bank concentration (%) 66.3 71.7 62.7 Boone indicator 0.00 –0.04 0.01 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 45.5 53.3 53.0 Stock market return (%, year-on-year) 125.0 –31.7 36.4 The Little Data Book on Financial Development  2015/2016 45 Burkina Faso Sub-Saharan Africa Low income Gross domestic product ($ billions) data 12.9 Population (millions) data 16.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 12.9 16.6 22.5 Deposit money banks’ assets to GDP (%) 14.0 17.9 24.8 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 1.4 0.6 2.2 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 0.8 4.0 1.0 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 54 69 116 Bank branches per 100,000 adults (age 15+) 1.2 1.7 2.4 Account at a formal financial institution (%, age 15+) .. .. 13.4 Saved at a financial institution in the past year (%, age 15+) .. .. 7.9 Loan from a financial institution in the past year (%, age 15+) .. .. 3.1 Firms with bank loan/line of credit (%) .. 28.4 .. Firms using banks to finance investments (%) .. 25.6 .. Firms using banks to finance working capital (%) .. 33.1 .. Small firms with bank loan/line of credit (%) .. 21.4 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.7 4.2 3.7 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 5.4 5.6 2.9 Bank return on assets (%, after tax) 2.0 –1.3 2.1 Bank return on equity (%, after tax) 22.9 –18.1 27.4 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 10.1 5.5 8.9 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 75.5 60.0 93.2 Boone indicator –0.10 –0.09 –0.09 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 46 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Burundi Low income Gross domestic product ($ billions) 2.7 Population (millions) 10.2 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 25.3 13.0 15.8 Deposit money banks’ assets to GDP (%) 27.1 16.3 18.0 Nonbank financial institutions’ assets to GDP (%) 8.6 3.2 3.3 Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 12 18 36 Bank branches per 100,000 adults (age 15+) 1.5 1.8 3.1 Account at a formal financial institution (%, age 15+) .. .. 7.2 Saved at a financial institution in the past year (%, age 15+) .. .. 3.3 Loan from a financial institution in the past year (%, age 15+) .. .. 1.7 Firms with bank loan/line of credit (%) .. 35.3 .. Firms using banks to finance investments (%) .. 12.3 .. Firms using banks to finance working capital (%) .. 25.5 .. Small firms with bank loan/line of credit (%) .. 28.9 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 7.2 7.4 7.3 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 5.8 8.1 6.9 Bank return on assets (%, after tax) 1.5 3.8 1.3 Bank return on equity (%, after tax) 13.5 39.5 9.3 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 13.5 15.3 15.9 Bank nonperforming loans to gross loans (%) .. 9.4 9.9 Bank regulatory capital to risk-weighted assets (%) .. 19.7 22.3 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 93.0 94.7 83.9 Boone indicator 0.16 0.05 0.16 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 47 Cabo Verde Sub-Saharan Africa Lower middle income Gross domestic product ($ billions) 1.9 data Population (thousands) data 498.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 39.9 46.6 61.7 Deposit money banks’ assets to GDP (%) 55.8 61.6 79.9 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 877 1,118 1,659 Bank branches per 100,000 adults (age 15+) 15.7 25.6 31.3 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 41.5 .. Firms using banks to finance investments (%) .. 35.3 .. Firms using banks to finance working capital (%) .. 49.8 .. Small firms with bank loan/line of credit (%) .. 38.6 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. 5.4 3.7 Bank lending-deposit spread 8.8 6.2 6.3 Bank overhead costs to total assets (%) .. 4.2 3.2 Bank return on assets (%, after tax) .. 1.0 0.5 Bank return on equity (%, after tax) .. 17.4 6.0 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. 26.5 28.3 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. 100.0 90.3 Boone indicator .. –0.09 –0.09 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 48 2015/2016  The Little Data Book on Financial Development East Asia & Pacific Cambodia Low income Gross domestic product ($ billions) 15.2 Population (millions) 15.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 6.5 21.0 40.5 Deposit money banks’ assets to GDP (%) 6.8 21.0 40.6 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 1.3 4.6 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 3.7 4.9 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. 3.1 4.8 Account at a formal financial institution (%, age 15+) .. .. 3.7 Saved at a financial institution in the past year (%, age 15+) .. .. 0.8 Loan from a financial institution in the past year (%, age 15+) .. .. 19.5 Firms with bank loan/line of credit (%) .. 20.7 .. Firms using banks to finance investments (%) .. 11.3 .. Firms using banks to finance working capital (%) .. 12.6 .. Small firms with bank loan/line of credit (%) .. 20.0 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.2 5.5 4.9 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 2.7 2.7 3.0 Bank return on assets (%, after tax) 1.3 2.3 1.4 Bank return on equity (%, after tax) 7.8 11.7 8.5 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 9.8 12.9 9.9 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 92.6 72.9 47.3 Boone indicator 0.00 0.01 0.05 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 49 Cameroon Sub-Saharan Africa Lower middle income Gross domestic product ($ billions) data 29.6 Population (millions) data 22.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 8.9 9.5 13.9 Deposit money banks’ assets to GDP (%) 11.9 11.6 17.2 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 1.1 0.6 0.3 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 0.9 2.2 5.0 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 1 45 60 Bank branches per 100,000 adults (age 15+) 0.5 1.2 2.0 Account at a formal financial institution (%, age 15+) .. .. 14.8 Saved at a financial institution in the past year (%, age 15+) .. .. 9.9 Loan from a financial institution in the past year (%, age 15+) .. .. 4.5 Firms with bank loan/line of credit (%) .. 30.3 .. Firms using banks to finance investments (%) .. 31.4 .. Firms using banks to finance working capital (%) .. 41.6 .. Small firms with bank loan/line of credit (%) .. 19.7 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.3 4.8 3.7 Bank lending-deposit spread 13.0 10.8 .. Bank overhead costs to total assets (%) 3.8 3.6 5.2 Bank return on assets (%, after tax) 1.7 1.3 3.1 Bank return on equity (%, after tax) 22.1 17.9 43.5 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 18.6 15.7 18.0 Bank nonperforming loans to gross loans (%) .. .. 10.3 Bank regulatory capital to risk-weighted assets (%) .. .. 7.9 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 62.8 61.8 65.5 Boone indicator –0.03 –0.03 –0.05 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 50 2015/2016  The Little Data Book on Financial Development CanadaHigh income Gross domestic product ($ billions) 1,826.8 Population (millions) 35.2 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 117.1 126.6 .. Deposit money banks’ assets to GDP (%) 128.4 140.7 .. Nonbank financial institutions’ assets to GDP (%) 113.4 .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 87.0 105.4 108.0 Stock market total value traded to GDP (%) 52.3 112.5 75.1 Outstanding domestic private debt securities to GDP (%) 30.9 28.2 28.8 Outstanding domestic public debt securities to GDP (%) 58.4 47.2 62.8 Outstanding international debt securities to GDP (%) 30.2 29.4 39.1 Syndicated loan issuance volume to GDP (%) 4.8 8.1 12.1 Corporate bond issuance volume to GDP (%) 1.6 2.0 3.7 Syndicated loan average maturity (years) 2.8 2.9 3.6 Corporate bond average maturity (years) 12.8 12.4 12.1 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. 24.5 24.4 Account at a formal financial institution (%, age 15+) .. .. 95.8 Saved at a financial institution in the past year (%, age 15+) .. .. 53.2 Loan from a financial institution in the past year (%, age 15+) .. .. 20.3 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 74.0 63.3 81.1 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 75.7 71.1 72.2 Nonfin. corporate bonds to total bonds and notes outstanding (%) 12.2 10.6 12.3 Efficiency—Financial Institutions Bank net interest margin (%) 2.4 3.0 1.8 Bank lending-deposit spread 3.6 3.2 2.5 Bank overhead costs to total assets (%) 4.2 3.7 1.8 Bank return on assets (%, after tax) 0.9 1.0 0.8 Bank return on equity (%, after tax) 9.8 13.7 14.3 Efficiency—Financial Markets Stock market turnover ratio (%) 60.6 108.9 61.4 Stability—Financial Institutions Bank Z-score 16.9 22.1 11.9 Bank nonperforming loans to gross loans (%) 1.2 0.8 0.6 Bank regulatory capital to risk-weighted assets (%) 13.4 12.2 14.3 Stability—Financial Markets Stock price volatility 15.4 19.9 12.9 Other Indicators—Financial Institutions Bank concentration (%) 75.9 79.2 60.6 Boone indicator –0.28 –0.07 –0.10 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 113.0 115.5 111.5 Stock market return (%, year-on-year) 0.9 –8.3 3.9 The Little Data Book on Financial Development  2015/2016 51 Cayman Islands High income Gross domestic product ($ billions) .. data Population (thousands) data 58.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 2.5 7.0 .. Corporate bond average maturity (years) .. 7.1 .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. .. .. Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 0.8 0.9 2.6 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 0.7 0.7 2.7 Bank return on assets (%, after tax) 0.5 0.7 0.8 Bank return on equity (%, after tax) 8.9 11.3 8.6 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 6.9 9.5 9.4 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 80.5 73.5 94.3 Boone indicator –0.03 –0.03 –0.02 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 21.7 19.4 .. Stock market return (%, year-on-year) .. .. .. 52 2015/2016  The Little Data Book on Financial Development Central African Republic Sub-Saharan Africa Low income Gross domestic product ($ billions) 1.5 Population (millions) 4.6 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 6.1 6.3 15.7 Deposit money banks’ assets to GDP (%) 8.5 8.6 18.4 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 3 24 57 Bank branches per 100,000 adults (age 15+) 0.4 0.5 1.0 Account at a formal financial institution (%, age 15+) .. .. 3.3 Saved at a financial institution in the past year (%, age 15+) .. .. 2.5 Loan from a financial institution in the past year (%, age 15+) .. .. 0.9 Firms with bank loan/line of credit (%) .. .. 26.0 Firms using banks to finance investments (%) .. .. 25.3 Firms using banks to finance working capital (%) .. .. 25.3 Small firms with bank loan/line of credit (%) .. .. 27.7 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 13.6 8.4 7.1 Bank lending-deposit spread 13.0 10.8 .. Bank overhead costs to total assets (%) 4.8 7.9 7.7 Bank return on assets (%, after tax) 2.0 0.2 –1.0 Bank return on equity (%, after tax) 15.1 1.9 –6.9 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 13.5 10.1 11.5 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator –0.08 –0.15 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 53 Chad Sub-Saharan Africa Low income Gross domestic product ($ billions) data 13.5 Population (millions) data 12.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 3.9 3.2 5.6 Deposit money banks’ assets to GDP (%) 6.2 4.5 6.7 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 47.8 .. 4.0 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 12.3 .. 2.0 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 6 9 21 Bank branches per 100,000 adults (age 15+) 0.4 0.5 0.8 Account at a formal financial institution (%, age 15+) .. .. 9.0 Saved at a financial institution in the past year (%, age 15+) .. .. 6.8 Loan from a financial institution in the past year (%, age 15+) .. .. 6.2 Firms with bank loan/line of credit (%) .. 20.6 .. Firms using banks to finance investments (%) .. 4.2 .. Firms using banks to finance working capital (%) .. 16.1 .. Small firms with bank loan/line of credit (%) .. 25.4 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 9.8 11.6 6.2 Bank lending-deposit spread 13.0 10.8 .. Bank overhead costs to total assets (%) 5.5 5.1 4.3 Bank return on assets (%, after tax) 2.2 2.2 1.6 Bank return on equity (%, after tax) 15.7 21.2 19.8 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 19.1 13.9 10.2 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 100.0 .. Boone indicator 0.00 .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 54 2015/2016  The Little Data Book on Financial Development Latin America & Caribbean Chile Upper middle income Gross domestic product ($ billions) 277.2 Population (millions) 17.6 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 61.2 73.4 72.7 Deposit money banks’ assets to GDP (%) 62.2 74.5 75.2 Nonbank financial institutions’ assets to GDP (%) 22.9 35.9 68.5 Depth—Financial Markets Stock market capitalization to GDP (%) 86.5 97.9 109.3 Stock market total value traded to GDP (%) 6.2 22.9 19.4 Outstanding domestic private debt securities to GDP (%) .. 37.5 36.4 Outstanding domestic public debt securities to GDP (%) .. 6.1 11.4 Outstanding international debt securities to GDP (%) 12.5 5.7 11.1 Syndicated loan issuance volume to GDP (%) 6.3 4.1 2.8 Corporate bond issuance volume to GDP (%) 2.7 1.2 3.2 Syndicated loan average maturity (years) 4.9 10.8 7.4 Corporate bond average maturity (years) 12.8 13.1 16.1 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 1,437 1,936 .. Bank branches per 100,000 adults (age 15+) 12.5 15.3 17.2 Account at a formal financial institution (%, age 15+) .. .. 42.2 Saved at a financial institution in the past year (%, age 15+) .. .. 12.4 Loan from a financial institution in the past year (%, age 15+) .. .. 7.8 Firms with bank loan/line of credit (%) .. 79.6 .. Firms using banks to finance investments (%) .. 44.8 .. Firms using banks to finance working capital (%) .. 55.1 .. Small firms with bank loan/line of credit (%) .. 72.5 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 39.7 40.8 42.1 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 48.0 55.8 54.3 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. 28.1 23.1 Efficiency—Financial Institutions Bank net interest margin (%) 5.2 7.9 4.4 Bank lending-deposit spread 3.4 5.8 4.1 Bank overhead costs to total assets (%) 5.6 5.4 2.4 Bank return on assets (%, after tax) 1.1 2.4 1.4 Bank return on equity (%, after tax) 8.0 29.4 16.4 Efficiency—Financial Markets Stock market turnover ratio (%) 9.7 20.8 16.1 Stability—Financial Institutions Bank Z-score 25.4 15.1 16.3 Bank nonperforming loans to gross loans (%) 1.6 1.0 2.1 Bank regulatory capital to risk-weighted assets (%) 14.1 12.5 13.3 Stability—Financial Markets Stock price volatility 15.4 22.1 12.5 Other Indicators—Financial Institutions Bank concentration (%) 54.1 52.1 .. Boone indicator 0.02 0.00 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 15.0 14.0 12.9 Stock market return (%, year-on-year) 18.4 –12.2 –6.1 The Little Data Book on Financial Development  2015/2016 55 China East Asia & Pacific Upper middle income data Gross domestic product ($ billions) 9,240.3 Population (millions) data 1,357.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 117.1 97.2 128.5 Deposit money banks’ assets to GDP (%) 127.8 106.6 138.7 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 35.3 107.1 44.1 Stock market total value traded to GDP (%) 25.0 155.8 84.3 Outstanding domestic private debt securities to GDP (%) 10.4 29.3 27.5 Outstanding domestic public debt securities to GDP (%) 13.9 15.6 15.1 Outstanding international debt securities to GDP (%) 1.1 1.0 2.4 Syndicated loan issuance volume to GDP (%) 0.6 1.6 1.0 Corporate bond issuance volume to GDP (%) 0.2 1.2 4.1 Syndicated loan average maturity (years) 6.9 9.9 5.4 Corporate bond average maturity (years) 13.1 6.1 4.7 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 8 15 Bank branches per 100,000 adults (age 15+) .. .. 7.8 Account at a formal financial institution (%, age 15+) .. .. 63.8 Saved at a financial institution in the past year (%, age 15+) .. .. 32.1 Loan from a financial institution in the past year (%, age 15+) .. .. 7.3 Firms with bank loan/line of credit (%) .. .. 25.3 Firms using banks to finance investments (%) .. .. 14.7 Firms using banks to finance working capital (%) .. .. 22.1 Small firms with bank loan/line of credit (%) .. .. 13.9 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 82.7 85.0 89.7 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 78.5 65.9 78.6 Nonfin. corporate bonds to total bonds and notes outstanding (%) 2.5 8.8 20.0 Efficiency—Financial Institutions Bank net interest margin (%) 1.9 3.1 2.5 Bank lending-deposit spread 3.3 3.1 3.0 Bank overhead costs to total assets (%) 1.4 1.5 1.1 Bank return on assets (%, after tax) 0.3 1.0 1.0 Bank return on equity (%, after tax) 8.2 14.6 15.7 Efficiency—Financial Markets Stock market turnover ratio (%) 82.3 113.0 160.7 Stability—Financial Institutions Bank Z-score 9.3 20.6 20.3 Bank nonperforming loans to gross loans (%) 20.4 2.4 1.0 Bank regulatory capital to risk-weighted assets (%) 2.5 12.0 12.2 Stability—Financial Markets Stock price volatility 22.3 38.9 18.2 Other Indicators—Financial Institutions Bank concentration (%) 57.8 29.0 38.7 Boone indicator –0.01 –0.04 –0.03 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 1.0 1.2 1.8 Stock market return (%, year-on-year) –6.3 –28.5 –1.2 56 2015/2016  The Little Data Book on Financial Development Latin America & Caribbean Colombia Upper middle income Gross domestic product ($ billions) 378.4 Population (millions) 48.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 20.3 32.2 37.9 Deposit money banks’ assets to GDP (%) 27.7 38.1 46.1 Nonbank financial institutions’ assets to GDP (%) 5.8 7.7 38.4 Depth—Financial Markets Stock market capitalization to GDP (%) 12.0 40.7 63.7 Stock market total value traded to GDP (%) 0.3 4.9 7.3 Outstanding domestic private debt securities to GDP (%) 0.3 0.3 0.6 Outstanding domestic public debt securities to GDP (%) 21.0 21.9 23.6 Outstanding international debt securities to GDP (%) 12.5 7.9 9.8 Syndicated loan issuance volume to GDP (%) 0.2 0.6 0.9 Corporate bond issuance volume to GDP (%) 0.0 0.2 2.2 Syndicated loan average maturity (years) 4.7 7.1 4.9 Corporate bond average maturity (years) 6.0 9.3 11.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 1,063 1,226 Bank branches per 100,000 adults (age 15+) 13.4 29.3 146.9 Account at a formal financial institution (%, age 15+) .. .. 30.4 Saved at a financial institution in the past year (%, age 15+) .. .. 9.2 Loan from a financial institution in the past year (%, age 15+) .. .. 11.9 Firms with bank loan/line of credit (%) .. 57.2 .. Firms using banks to finance investments (%) .. 35.0 .. Firms using banks to finance working capital (%) .. 49.2 .. Small firms with bank loan/line of credit (%) .. 50.6 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 74.6 18.8 37.4 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 51.5 25.9 22.2 Nonfin. corporate bonds to total bonds and notes outstanding (%) 1.2 1.5 2.5 Efficiency—Financial Institutions Bank net interest margin (%) 5.1 10.9 9.9 Bank lending-deposit spread 7.4 7.4 6.8 Bank overhead costs to total assets (%) 8.2 7.9 7.3 Bank return on assets (%, after tax) 1.8 1.3 1.5 Bank return on equity (%, after tax) 19.9 11.2 9.4 Efficiency—Financial Markets Stock market turnover ratio (%) 3.6 12.6 11.0 Stability—Financial Institutions Bank Z-score 9.0 10.4 13.7 Bank nonperforming loans to gross loans (%) 6.8 3.9 2.8 Bank regulatory capital to risk-weighted assets (%) 13.0 15.4 17.0 Stability—Financial Markets Stock price volatility 16.3 23.1 15.1 Other Indicators—Financial Institutions Bank concentration (%) 52.1 93.1 74.5 Boone indicator –0.06 –0.01 –0.02 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 2.7 2.1 1.6 Stock market return (%, year-on-year) 59.0 –16.5 –3.3 The Little Data Book on Financial Development  2015/2016 57 Comoros Sub-Saharan Africa Low income Gross domestic product ($ millions) data 598.9 Population (thousands) data 734.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 7.7 10.3 22.4 Deposit money banks’ assets to GDP (%) 8.1 12.1 23.1 Nonbank financial institutions’ assets to GDP (%) 2.4 1.2 .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 75 50 88 Bank branches per 100,000 adults (age 15+) 0.8 1.1 1.9 Account at a formal financial institution (%, age 15+) .. .. 21.7 Saved at a financial institution in the past year (%, age 15+) .. .. 10.8 Loan from a financial institution in the past year (%, age 15+) .. .. 7.2 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. .. .. Bank lending-deposit spread 8.3 8.0 8.8 Bank overhead costs to total assets (%) .. .. .. Bank return on assets (%, after tax) .. .. .. Bank return on equity (%, after tax) .. .. .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 58 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Congo, Dem. Rep. Low income Gross domestic product ($ billions) 32.7 Population (millions) 67.5 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 0.7 4.8 7.0 Deposit money banks’ assets to GDP (%) 1.0 5.3 8.1 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 0.8 0.4 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 7.0 0.5 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 0 5 48 Bank branches per 100,000 adults (age 15+) 0.5 0.5 0.7 Account at a formal financial institution (%, age 15+) .. .. 3.7 Saved at a financial institution in the past year (%, age 15+) .. .. 1.5 Loan from a financial institution in the past year (%, age 15+) .. .. 1.5 Firms with bank loan/line of credit (%) .. 10.7 9.4 Firms using banks to finance investments (%) .. 6.7 7.1 Firms using banks to finance working capital (%) .. 8.8 8.7 Small firms with bank loan/line of credit (%) .. 9.1 7.7 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.0 12.3 8.8 Bank lending-deposit spread .. 35.4 14.7 Bank overhead costs to total assets (%) 15.7 12.8 9.5 Bank return on assets (%, after tax) 1.9 1.7 0.8 Bank return on equity (%, after tax) 20.9 16.2 7.1 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 10.1 12.9 11.9 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 85.9 56.9 51.8 Boone indicator –0.13 0.01 –0.03 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 59 Congo, Rep. Sub-Saharan Africa Lower middle income Gross domestic product ($ billions) data 14.1 Population (millions) 4.4 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 3.3 2.8 10.3 Deposit money banks’ assets to GDP (%) 4.5 3.3 10.9 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 19.7 .. .. Syndicated loan issuance volume to GDP (%) 3.1 2.1 .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 3.6 4.7 .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 15 43 98 Bank branches per 100,000 adults (age 15+) 0.7 1.8 3.6 Account at a formal financial institution (%, age 15+) .. .. 9.0 Saved at a financial institution in the past year (%, age 15+) .. .. 5.5 Loan from a financial institution in the past year (%, age 15+) .. .. 2.8 Firms with bank loan/line of credit (%) .. 12.8 .. Firms using banks to finance investments (%) .. 7.7 .. Firms using banks to finance working capital (%) .. 9.7 .. Small firms with bank loan/line of credit (%) .. 7.6 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. 3.2 4.1 Bank lending-deposit spread 13.0 10.8 .. Bank overhead costs to total assets (%) .. 8.3 2.4 Bank return on assets (%, after tax) .. –1.3 1.6 Bank return on equity (%, after tax) .. –23.0 36.6 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. 2.3 3.4 Bank nonperforming loans to gross loans (%) .. .. 1.2 Bank regulatory capital to risk-weighted assets (%) .. .. 11.9 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. 100.0 .. Boone indicator .. 0.00 .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 60 2015/2016  The Little Data Book on Financial Development Latin America & Caribbean Costa Rica Upper middle income Gross domestic product ($ billions) 49.6 Population (millions) 4.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 28.4 44.5 48.2 Deposit money banks’ assets to GDP (%) 34.4 47.7 54.1 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 13.0 6.6 3.8 Stock market total value traded to GDP (%) 1.7 0.1 0.1 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 9.1 5.9 7.5 Syndicated loan issuance volume to GDP (%) 0.6 1.7 0.1 Corporate bond issuance volume to GDP (%) 0.2 .. 1.0 Syndicated loan average maturity (years) 1.0 10.2 5.0 Corporate bond average maturity (years) 10.0 .. 30.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 643 1,006 993 Bank branches per 100,000 adults (age 15+) 16.1 20.2 22.3 Account at a formal financial institution (%, age 15+) .. .. 50.4 Saved at a financial institution in the past year (%, age 15+) .. .. 19.9 Loan from a financial institution in the past year (%, age 15+) .. .. 10.0 Firms with bank loan/line of credit (%) .. 56.8 .. Firms using banks to finance investments (%) 14.9 22.2 .. Firms using banks to finance working capital (%) 15.8 30.1 .. Small firms with bank loan/line of credit (%) .. 41.2 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.1 5.5 4.4 Bank lending-deposit spread 15.2 11.7 11.3 Bank overhead costs to total assets (%) 4.7 4.9 3.3 Bank return on assets (%, after tax) 2.1 1.6 0.8 Bank return on equity (%, after tax) 17.3 14.6 6.1 Efficiency—Financial Markets Stock market turnover ratio (%) 1.4 1.9 1.9 Stability—Financial Institutions Bank Z-score 23.0 20.1 22.2 Bank nonperforming loans to gross loans (%) 1.7 1.5 1.7 Bank regulatory capital to risk-weighted assets (%) 16.5 15.5 16.6 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 53.8 63.8 66.8 Boone indicator –0.12 –0.20 –0.10 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 4.8 2.4 1.9 Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 61 Côte d’lvoire Sub-Saharan Africa Lower middle income Gross domestic product ($ billions) data 31.1 Population (millions) data 20.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 12.9 15.8 18.2 Deposit money banks’ assets to GDP (%) 16.3 19.5 24.2 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 11.9 34.0 25.0 Stock market total value traded to GDP (%) 0.2 1.0 0.5 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 9.1 5.3 9.0 Syndicated loan issuance volume to GDP (%) 1.5 0.2 1.5 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 6.8 3.5 3.3 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 77 83 197 Bank branches per 100,000 adults (age 15+) 1.4 2.5 4.8 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 11.5 .. Firms using banks to finance investments (%) .. 13.9 .. Firms using banks to finance working capital (%) .. 8.3 .. Small firms with bank loan/line of credit (%) .. 10.1 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.0 4.7 3.1 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 6.6 5.9 5.6 Bank return on assets (%, after tax) 0.5 1.7 0.6 Bank return on equity (%, after tax) 4.5 17.6 16.6 Efficiency—Financial Markets Stock market turnover ratio (%) 1.5 3.8 2.4 Stability—Financial Institutions Bank Z-score 20.1 18.6 14.1 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 71.8 61.0 63.6 Boone indicator –0.04 –0.09 –0.08 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 2.2 2.1 1.9 Stock market return (%, year-on-year) .. .. .. 62 2015/2016  The Little Data Book on Financial Development Croatia High income Gross domestic product ($ billions) 57.9 Population (millions) 4.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 42.8 61.2 69.9 Deposit money banks’ assets to GDP (%) 54.7 74.2 97.5 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 15.6 71.3 37.0 Stock market total value traded to GDP (%) 0.6 5.7 1.2 Outstanding domestic private debt securities to GDP (%) 1.1 1.9 1.1 Outstanding domestic public debt securities to GDP (%) 11.6 15.7 26.7 Outstanding international debt securities to GDP (%) 18.3 9.0 23.8 Syndicated loan issuance volume to GDP (%) 3.3 1.5 1.7 Corporate bond issuance volume to GDP (%) 0.4 0.1 2.9 Syndicated loan average maturity (years) 7.9 12.6 8.3 Corporate bond average maturity (years) 2.9 10.0 6.5 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 1,413 1,394 Bank branches per 100,000 adults (age 15+) 28.9 34.4 34.5 Account at a formal financial institution (%, age 15+) .. .. 88.4 Saved at a financial institution in the past year (%, age 15+) .. .. 12.2 Loan from a financial institution in the past year (%, age 15+) .. .. 14.4 Firms with bank loan/line of credit (%) .. 67.3 53.4 Firms using banks to finance investments (%) 35.8 60.0 27.1 Firms using banks to finance working capital (%) 32.6 63.2 38.0 Small firms with bank loan/line of credit (%) .. 60.2 50.6 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) 8.0 10.5 2.1 Efficiency—Financial Institutions Bank net interest margin (%) 3.9 3.6 3.2 Bank lending-deposit spread 10.1 7.2 7.7 Bank overhead costs to total assets (%) 3.1 2.9 2.7 Bank return on assets (%, after tax) 1.1 0.8 –0.3 Bank return on equity (%, after tax) 10.6 6.1 –2.8 Efficiency—Financial Markets Stock market turnover ratio (%) 4.4 6.8 2.4 Stability—Financial Institutions Bank Z-score 21.6 27.0 21.9 Bank nonperforming loans to gross loans (%) 8.9 4.9 15.4 Bank regulatory capital to risk-weighted assets (%) 16.5 15.1 20.9 Stability—Financial Markets Stock price volatility 24.2 23.7 10.9 Other Indicators—Financial Institutions Bank concentration (%) 60.0 61.7 68.7 Boone indicator –0.10 –0.11 –0.06 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 14.9 80.3 43.1 Stock market return (%, year-on-year) 1.3 –25.5 6.9 The Little Data Book on Financial Development  2015/2016 63 Cuba Latin America & Caribbean Upper middle income Gross domestic product ($ billions) data 68.2 Population (millions) data 11.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. .. .. Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.6 1.8 1.6 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 7.5 0.3 0.2 Bank return on assets (%, after tax) 2.5 1.3 1.3 Bank return on equity (%, after tax) 21.8 17.6 12.9 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 14.7 9.8 11.8 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 93.0 100.0 .. Boone indicator –0.02 0.00 –0.02 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 64 2015/2016  The Little Data Book on Financial Development CyprusHigh income Gross domestic product ($ billions) 21.9 Population (millions) 1.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 159.1 220.8 313.9 Deposit money banks’ assets to GDP (%) 182.3 242.5 350.0 Nonbank financial institutions’ assets to GDP (%) 40.9 46.2 .. Depth—Financial Markets Stock market capitalization to GDP (%) 40.3 78.6 10.2 Stock market total value traded to GDP (%) 3.9 15.9 1.6 Outstanding domestic private debt securities to GDP (%) 6.0 6.0 .. Outstanding domestic public debt securities to GDP (%) 35.7 26.1 18.2 Outstanding international debt securities to GDP (%) 21.2 34.8 38.4 Syndicated loan issuance volume to GDP (%) 0.6 12.7 1.4 Corporate bond issuance volume to GDP (%) 0.1 1.9 2.4 Syndicated loan average maturity (years) 3.7 5.1 8.1 Corporate bond average maturity (years) 4.0 8.0 7.3 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 67.1 53.2 41.6 Account at a formal financial institution (%, age 15+) .. .. 85.2 Saved at a financial institution in the past year (%, age 15+) .. .. 30.4 Loan from a financial institution in the past year (%, age 15+) .. .. 27.0 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 25.1 9.7 2.0 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 28.2 27.9 10.7 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 4.4 3.6 5.5 Bank lending-deposit spread 3.4 3.3 .. Bank overhead costs to total assets (%) 4.4 1.9 2.9 Bank return on assets (%, after tax) 1.6 –2.5 1.9 Bank return on equity (%, after tax) 20.2 11.4 19.8 Efficiency—Financial Markets Stock market turnover ratio (%) 5.7 11.4 12.6 Stability—Financial Institutions Bank Z-score 6.6 –0.2 8.8 Bank nonperforming loans to gross loans (%) .. 3.6 33.7 Bank regulatory capital to risk-weighted assets (%) .. 11.0 14.3 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 93.2 94.9 100.0 Boone indicator –0.14 –0.07 –0.08 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 152.3 125.3 98.3 Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 65 Czech Republic High income Gross domestic product ($ billions) data 208.8 Population (millions) data 10.5 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 28.0 48.0 .. Deposit money banks’ assets to GDP (%) 46.7 60.8 .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 18.2 29.7 17.6 Stock market total value traded to GDP (%) 8.0 20.2 5.9 Outstanding domestic private debt securities to GDP (%) 6.9 9.8 12.8 Outstanding domestic public debt securities to GDP (%) 20.5 22.8 25.4 Outstanding international debt securities to GDP (%) 1.5 5.6 17.4 Syndicated loan issuance volume to GDP (%) 2.0 0.7 3.2 Corporate bond issuance volume to GDP (%) 0.0 0.5 1.3 Syndicated loan average maturity (years) 4.1 3.0 4.5 Corporate bond average maturity (years) 10.0 21.3 8.7 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 21.0 22.7 24.3 Account at a formal financial institution (%, age 15+) .. .. 80.7 Saved at a financial institution in the past year (%, age 15+) .. .. 35.5 Loan from a financial institution in the past year (%, age 15+) .. .. 9.5 Firms with bank loan/line of credit (%) .. 46.6 55.1 Firms using banks to finance investments (%) 22.1 33.4 34.3 Firms using banks to finance working capital (%) 21.4 .. 45.5 Small firms with bank loan/line of credit (%) .. 39.7 50.9 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 1.4 1.8 1.5 Bank lending-deposit spread 4.6 4.6 4.1 Bank overhead costs to total assets (%) 1.9 1.0 0.9 Bank return on assets (%, after tax) 0.8 1.1 0.7 Bank return on equity (%, after tax) 13.1 15.0 7.6 Efficiency—Financial Markets Stock market turnover ratio (%) 48.6 61.6 28.1 Stability—Financial Institutions Bank Z-score 39.8 50.1 56.8 Bank nonperforming loans to gross loans (%) 4.9 2.8 5.2 Bank regulatory capital to risk-weighted assets (%) 14.5 11.6 16.5 Stability—Financial Markets Stock price volatility 20.0 25.1 16.6 Other Indicators—Financial Institutions Bank concentration (%) 53.3 63.3 69.0 Boone indicator 0.10 0.09 0.07 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 6.2 1.7 1.6 Stock market return (%, year-on-year) 27.3 –23.0 2.7 66 2015/2016  The Little Data Book on Financial Development Denmark High income Gross domestic product ($ billions) 335.9 Population (millions) 5.6 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 148.0 208.3 .. Deposit money banks’ assets to GDP (%) 161.0 216.8 .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 49.2 61.7 61.2 Stock market total value traded to GDP (%) 29.7 67.7 38.4 Outstanding domestic private debt securities to GDP (%) 142.1 163.3 183.5 Outstanding domestic public debt securities to GDP (%) 55.9 31.7 44.6 Outstanding international debt securities to GDP (%) 16.4 38.5 51.0 Syndicated loan issuance volume to GDP (%) 2.0 4.4 3.7 Corporate bond issuance volume to GDP (%) 0.6 0.0 1.3 Syndicated loan average maturity (years) 3.7 2.9 4.6 Corporate bond average maturity (years) 8.5 5.1 9.6 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 50.0 50.4 30.3 Account at a formal financial institution (%, age 15+) .. .. 99.7 Saved at a financial institution in the past year (%, age 15+) .. .. 56.5 Loan from a financial institution in the past year (%, age 15+) .. .. 18.8 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) 0.4 0.3 0.2 Efficiency—Financial Institutions Bank net interest margin (%) 4.5 2.7 4.0 Bank lending-deposit spread 4.7 .. .. Bank overhead costs to total assets (%) 4.1 2.5 2.9 Bank return on assets (%, after tax) 2.2 –1.0 0.5 Bank return on equity (%, after tax) 18.5 –5.7 4.5 Efficiency—Financial Markets Stock market turnover ratio (%) 62.4 97.9 53.5 Stability—Financial Institutions Bank Z-score 8.4 5.7 7.5 Bank nonperforming loans to gross loans (%) 0.8 1.2 4.6 Bank regulatory capital to risk-weighted assets (%) 13.8 12.4 19.2 Stability—Financial Markets Stock price volatility 23.9 23.2 16.6 Other Indicators—Financial Institutions Bank concentration (%) 34.0 37.9 46.0 Boone indicator –0.08 –0.06 –0.04 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 34.7 39.3 31.1 Stock market return (%, year-on-year) –6.9 –20.2 19.3 The Little Data Book on Financial Development  2015/2016 67 Djibouti Middle East & North Africa Lower middle income Gross domestic product ($ billions) 1.5 data Population (thousands) data 872.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 22.8 22.8 28.7 Deposit money banks’ assets to GDP (%) 25.3 24.9 32.2 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 31.0 .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 10.0 .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 24 42 120 Bank branches per 100,000 adults (age 15+) 2.1 3.0 5.1 Account at a formal financial institution (%, age 15+) .. .. 12.3 Saved at a financial institution in the past year (%, age 15+) .. .. 3.4 Loan from a financial institution in the past year (%, age 15+) .. .. 4.5 Firms with bank loan/line of credit (%) .. .. 30.5 Firms using banks to finance investments (%) .. .. 24.3 Firms using banks to finance working capital (%) .. .. 25.3 Small firms with bank loan/line of credit (%) .. .. 23.6 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.7 4.9 4.3 Bank lending-deposit spread 10.5 9.4 9.1 Bank overhead costs to total assets (%) 3.6 2.7 3.0 Bank return on assets (%, after tax) 0.5 2.0 1.8 Bank return on equity (%, after tax) 7.5 37.6 21.7 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 10.2 9.8 15.0 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. 100.0 100.0 Boone indicator –0.03 –0.03 –0.03 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 68 2015/2016  The Little Data Book on Financial Development Latin America & Caribbean Dominica Upper middle income Gross domestic product ($ millions) 516.7 Population (thousands) 72.0 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 46.8 48.7 55.7 Deposit money banks’ assets to GDP (%) 60.0 55.9 64.9 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 24.9 24.1 23.3 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 32.8 .. Firms using banks to finance investments (%) .. 46.2 .. Firms using banks to finance working capital (%) .. 37.9 .. Small firms with bank loan/line of credit (%) .. 15.3 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. 2.4 2.9 Bank lending-deposit spread 7.8 5.9 6.0 Bank overhead costs to total assets (%) .. 3.1 2.6 Bank return on assets (%, after tax) .. 1.5 –0.7 Bank return on equity (%, after tax) .. 11.1 –6.6 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. 11.9 7.2 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 69 Dominican Republic Latin America & Caribbean Upper middle income Gross domestic product ($ billions) data 61.2 Population (millions) data 10.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 28.2 19.8 22.0 Deposit money banks’ assets to GDP (%) 31.8 22.7 27.0 Nonbank financial institutions’ assets to GDP (%) 6.7 2.6 6.6 Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 5.9 3.8 5.6 Syndicated loan issuance volume to GDP (%) 0.6 1.1 0.1 Corporate bond issuance volume to GDP (%) 0.5 1.5 0.9 Syndicated loan average maturity (years) 8.0 7.0 5.9 Corporate bond average maturity (years) 10.0 7.3 7.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. 677 Bank branches per 100,000 adults (age 15+) 9.8 9.9 11.7 Account at a formal financial institution (%, age 15+) .. .. 38.2 Saved at a financial institution in the past year (%, age 15+) .. .. 16.0 Loan from a financial institution in the past year (%, age 15+) .. .. 13.9 Firms with bank loan/line of credit (%) .. 56.9 .. Firms using banks to finance investments (%) .. 39.1 .. Firms using banks to finance working capital (%) .. 72.4 .. Small firms with bank loan/line of credit (%) .. 49.8 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 4.7 11.2 10.4 Bank lending-deposit spread 10.9 9.6 7.6 Bank overhead costs to total assets (%) 5.3 7.7 7.4 Bank return on assets (%, after tax) 0.9 2.3 1.9 Bank return on equity (%, after tax) 8.2 20.1 14.7 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 21.0 28.0 29.4 Bank nonperforming loans to gross loans (%) 8.7 3.7 2.3 Bank regulatory capital to risk-weighted assets (%) 8.9 17.1 16.7 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 73.6 76.2 63.2 Boone indicator –0.22 –0.15 –0.11 Banking crisis dummy 1 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 70 2015/2016  The Little Data Book on Financial Development Latin America & Caribbean Ecuador Upper middle income Gross domestic product ($ billions) 94.5 Population (millions) 15.7 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 16.5 20.7 25.7 Deposit money banks’ assets to GDP (%) 18.0 20.9 26.8 Nonbank financial institutions’ assets to GDP (%) 0.5 0.7 2.5 Depth—Financial Markets Stock market capitalization to GDP (%) 6.1 7.3 6.7 Stock market total value traded to GDP (%) 0.1 0.4 0.1 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 19.7 10.5 1.9 Syndicated loan issuance volume to GDP (%) 0.0 0.2 0.2 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 5.0 10.0 5.3 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 338 420 633 Bank branches per 100,000 adults (age 15+) 12.8 17.5 80.1 Account at a formal financial institution (%, age 15+) .. .. 36.7 Saved at a financial institution in the past year (%, age 15+) .. .. 14.5 Loan from a financial institution in the past year (%, age 15+) .. .. 10.6 Firms with bank loan/line of credit (%) .. 48.9 .. Firms using banks to finance investments (%) .. 17.0 .. Firms using banks to finance working capital (%) .. 42.3 .. Small firms with bank loan/line of credit (%) .. 43.5 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 7.8 6.4 6.2 Bank lending-deposit spread 8.0 9.7 .. Bank overhead costs to total assets (%) 8.4 6.6 4.7 Bank return on assets (%, after tax) –0.8 1.2 0.9 Bank return on equity (%, after tax) 16.6 13.0 10.5 Efficiency—Financial Markets Stock market turnover ratio (%) 1.9 3.5 2.3 Stability—Financial Institutions Bank Z-score –5.0 –3.0 0.7 Bank nonperforming loans to gross loans (%) 7.9 3.4 3.6 Bank regulatory capital to risk-weighted assets (%) 12.2 19.9 17.7 Stability—Financial Markets Stock price volatility 31.9 23.8 5.9 Other Indicators—Financial Institutions Bank concentration (%) 40.8 53.0 63.7 Boone indicator –0.03 0.02 –0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 2.3 2.6 2.9 Stock market return (%, year-on-year) 6.3 –0.9 4.9 The Little Data Book on Financial Development  2015/2016 71 Egypt, Arab Rep. Middle East & North Africa Lower middle income Gross domestic product ($ billions) data 272.0 Population (millions) data 82.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 51.7 42.3 25.6 Deposit money banks’ assets to GDP (%) 82.8 69.6 63.0 Nonbank financial institutions’ assets to GDP (%) 7.5 5.3 .. Depth—Financial Markets Stock market capitalization to GDP (%) 29.7 76.2 20.1 Stock market total value traded to GDP (%) 3.3 40.0 8.0 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 2.0 4.2 2.2 Syndicated loan issuance volume to GDP (%) 3.4 6.0 0.0 Corporate bond issuance volume to GDP (%) 0.4 0.3 .. Syndicated loan average maturity (years) 10.0 6.0 4.0 Corporate bond average maturity (years) 5.1 4.9 .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. 396 Bank branches per 100,000 adults (age 15+) 3.9 4.6 4.9 Account at a formal financial institution (%, age 15+) .. .. 9.7 Saved at a financial institution in the past year (%, age 15+) .. .. 0.7 Loan from a financial institution in the past year (%, age 15+) .. .. 3.7 Firms with bank loan/line of credit (%) .. 17.4 .. Firms using banks to finance investments (%) .. 5.6 .. Firms using banks to finance working capital (%) .. 7.5 .. Small firms with bank loan/line of credit (%) .. 5.1 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 48.9 59.0 43.7 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 51.7 51.7 49.9 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 1.2 1.8 3.6 Bank lending-deposit spread 5.3 5.7 4.6 Bank overhead costs to total assets (%) 1.1 1.4 1.8 Bank return on assets (%, after tax) 0.4 0.6 1.0 Bank return on equity (%, after tax) 6.5 11.0 13.5 Efficiency—Financial Markets Stock market turnover ratio (%) 13.3 56.1 38.1 Stability—Financial Institutions Bank Z-score 28.4 29.3 39.7 Bank nonperforming loans to gross loans (%) 24.2 14.8 9.3 Bank regulatory capital to risk-weighted assets (%) 11.1 14.7 13.7 Stability—Financial Markets Stock price volatility 27.0 22.8 27.1 Other Indicators—Financial Institutions Bank concentration (%) 64.3 64.2 64.7 Boone indicator –0.05 –0.08 –0.08 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 13.9 4.9 2.9 Stock market return (%, year-on-year) 63.1 8.8 11.3 72 2015/2016  The Little Data Book on Financial Development Latin America & Caribbean El Salvador Lower middle income Gross domestic product ($ billions) 24.3 Population (millions) 6.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 39.6 41.9 40.2 Deposit money banks’ assets to GDP (%) 42.7 44.3 43.1 Nonbank financial institutions’ assets to GDP (%) 1.6 1.9 26.9 Depth—Financial Markets Stock market capitalization to GDP (%) 12.1 27.3 34.1 Stock market total value traded to GDP (%) 0.1 0.1 0.3 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 14.2 17.2 20.0 Syndicated loan issuance volume to GDP (%) 0.9 0.9 0.5 Corporate bond issuance volume to GDP (%) .. .. 1.3 Syndicated loan average maturity (years) 4.0 5.0 5.0 Corporate bond average maturity (years) .. .. 10.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. 11.7 9.8 Account at a formal financial institution (%, age 15+) .. .. 13.8 Saved at a financial institution in the past year (%, age 15+) .. .. 12.9 Loan from a financial institution in the past year (%, age 15+) .. .. 3.9 Firms with bank loan/line of credit (%) .. 53.1 .. Firms using banks to finance investments (%) .. 31.7 .. Firms using banks to finance working capital (%) .. 44.5 .. Small firms with bank loan/line of credit (%) .. 45.8 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.8 5.0 6.4 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 4.1 2.9 3.4 Bank return on assets (%, after tax) 0.8 1.4 2.0 Bank return on equity (%, after tax) 7.0 11.8 14.7 Efficiency—Financial Markets Stock market turnover ratio (%) 0.6 0.5 0.6 Stability—Financial Institutions Bank Z-score 19.6 19.6 20.9 Bank nonperforming loans to gross loans (%) 2.8 2.8 2.3 Bank regulatory capital to risk-weighted assets (%) 12.8 15.4 17.7 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 97.8 96.6 93.3 Boone indicator –0.17 –0.07 –0.08 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 5.6 7.8 10.2 Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 73 Equatorial Guinea High income Gross domestic product ($ billions) data 15.6 Population (thousands) data 757.0 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 3.3 3.9 9.2 Deposit money banks’ assets to GDP (%) 3.5 4.1 9.5 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. 3.6 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. 6.0 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 160 152 Bank branches per 100,000 adults (age 15+) 3.4 4.0 6.5 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.9 2.8 2.9 Bank lending-deposit spread 13.0 10.8 .. Bank overhead costs to total assets (%) 2.3 3.1 2.5 Bank return on assets (%, after tax) 1.6 1.5 1.0 Bank return on equity (%, after tax) 25.8 30.6 22.0 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 4.4 3.8 4.0 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 74 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Eritrea Low income Gross domestic product ($ billions) 3.4 Population (millions) 6.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 24.0 .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 4.0 .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. .. .. Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 10.9 .. Firms using banks to finance investments (%) .. 11.9 .. Firms using banks to finance working capital (%) .. 5.7 .. Small firms with bank loan/line of credit (%) .. 6.6 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. 1.3 .. Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 0.1 0.6 .. Bank return on assets (%, after tax) 2.5 0.7 .. Bank return on equity (%, after tax) 47.9 13.5 .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 7.6 6.1 .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator 0.00 .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 75 Estonia High income Gross domestic product ($ billions) data 24.9 Population (millions) 1.3 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 45.5 95.1 74.9 Deposit money banks’ assets to GDP (%) 47.4 96.8 78.1 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 34.3 18.0 8.5 Stock market total value traded to GDP (%) 4.4 6.5 0.9 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 4.1 2.3 5.3 Syndicated loan issuance volume to GDP (%) 1.6 0.8 2.5 Corporate bond issuance volume to GDP (%) 0.1 0.0 0.6 Syndicated loan average maturity (years) 6.7 8.0 5.0 Corporate bond average maturity (years) 3.0 3.0 5.4 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 1,698 2,204 Bank branches per 100,000 adults (age 15+) 18.6 23.8 13.7 Account at a formal financial institution (%, age 15+) .. .. 96.8 Saved at a financial institution in the past year (%, age 15+) .. .. 28.9 Loan from a financial institution in the past year (%, age 15+) .. .. 7.7 Firms with bank loan/line of credit (%) .. 50.8 40.1 Firms using banks to finance investments (%) 26.6 41.5 32.8 Firms using banks to finance working capital (%) 24.3 .. 24.1 Small firms with bank loan/line of credit (%) .. 43.7 37.8 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.1 2.3 7.6 Bank lending-deposit spread 3.1 2.8 4.9 Bank overhead costs to total assets (%) 2.5 8.9 4.2 Bank return on assets (%, after tax) 3.2 5.2 1.8 Bank return on equity (%, after tax) 21.1 27.3 9.5 Efficiency—Financial Markets Stock market turnover ratio (%) 16.7 17.9 9.4 Stability—Financial Institutions Bank Z-score 11.6 9.0 7.5 Bank nonperforming loans to gross loans (%) 0.4 1.9 1.5 Bank regulatory capital to risk-weighted assets (%) 12.5 18.9 20.0 Stability—Financial Markets Stock price volatility 16.4 18.3 12.7 Other Indicators—Financial Institutions Bank concentration (%) 97.6 93.4 99.6 Boone indicator 0.04 0.06 0.08 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 10.2 13.5 12.1 Stock market return (%, year-on-year) 40.0 –40.4 28.7 76 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Ethiopia Low income Gross domestic product ($ billions) 47.5 Population (millions) 94.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 17.9 17.2 .. Deposit money banks’ assets to GDP (%) 33.4 25.3 .. Nonbank financial institutions’ assets to GDP (%) 3.2 3.5 .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 0.9 2.4 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 11.2 12.0 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 78 137 Bank branches per 100,000 adults (age 15+) 0.8 1.2 2.9 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 46.0 15.8 Firms using banks to finance investments (%) .. 10.9 16.6 Firms using banks to finance working capital (%) .. 40.7 13.6 Small firms with bank loan/line of credit (%) .. 30.8 3.1 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.2 4.1 4.5 Bank lending-deposit spread 3.7 3.3 .. Bank overhead costs to total assets (%) 2.9 2.1 2.9 Bank return on assets (%, after tax) 1.2 3.0 3.0 Bank return on equity (%, after tax) 13.5 26.4 24.7 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 11.2 15.9 16.1 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 77.2 86.3 57.6 Boone indicator 0.01 –0.03 –0.03 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 77 Faeroe Islands High income Gross domestic product ($ billions) .. data Population (thousands) data 49.5 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 0.9 .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 0.8 3.0 Corporate bond average maturity (years) .. .. 5.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. .. .. Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. .. .. Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) .. .. .. Bank return on assets (%, after tax) .. .. .. Bank return on equity (%, after tax) .. .. .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 78 2015/2016  The Little Data Book on Financial Development East Asia & Pacific Lower middle income Fiji Gross domestic product ($ billions) 3.9 Population (thousands) 881.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 28.4 56.5 61.8 Deposit money banks’ assets to GDP (%) 35.1 65.1 67.1 Nonbank financial institutions’ assets to GDP (%) 68.5 93.7 75.6 Depth—Financial Markets Stock market capitalization to GDP (%) 18.8 15.9 11.0 Stock market total value traded to GDP (%) 0.2 0.1 0.2 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 9.3 11.6 11.1 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 37.8 .. Firms using banks to finance investments (%) .. 37.1 .. Firms using banks to finance working capital (%) .. 50.7 .. Small firms with bank loan/line of credit (%) .. 25.7 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. 5.1 .. Bank lending-deposit spread 5.7 5.2 4.0 Bank overhead costs to total assets (%) .. 4.8 .. Bank return on assets (%, after tax) .. 0.7 .. Bank return on equity (%, after tax) .. 10.3 .. Efficiency—Financial Markets Stock market turnover ratio (%) 0.5 0.5 1.6 Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 18.4 19.0 18.3 Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 79 Finland High income Gross domestic product ($ billions) data 267.3 Population (millions) 5.4 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 61.0 83.5 100.5 Deposit money banks’ assets to GDP (%) 66.1 87.4 107.7 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 98.7 98.9 57.2 Stock market total value traded to GDP (%) 110.0 174.2 56.6 Outstanding domestic private debt securities to GDP (%) 24.0 24.9 21.4 Outstanding domestic public debt securities to GDP (%) 20.1 9.6 12.2 Outstanding international debt securities to GDP (%) 33.3 24.4 49.1 Syndicated loan issuance volume to GDP (%) 8.2 4.0 3.3 Corporate bond issuance volume to GDP (%) 1.0 0.1 2.6 Syndicated loan average maturity (years) 5.1 4.7 3.9 Corporate bond average maturity (years) 9.6 7.3 6.6 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 13.2 16.1 12.3 Account at a formal financial institution (%, age 15+) .. .. 99.7 Saved at a financial institution in the past year (%, age 15+) .. .. 56.1 Loan from a financial institution in the past year (%, age 15+) .. .. 23.9 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 1.2 1.6 2.7 Bank lending-deposit spread 2.9 .. .. Bank overhead costs to total assets (%) 0.9 2.1 2.0 Bank return on assets (%, after tax) 0.4 –0.4 0.6 Bank return on equity (%, after tax) 8.8 –11.3 6.7 Efficiency—Financial Markets Stock market turnover ratio (%) 96.8 139.1 86.1 Stability—Financial Institutions Bank Z-score 12.5 0.7 2.8 Bank nonperforming loans to gross loans (%) 0.5 0.4 0.5 Bank regulatory capital to risk-weighted assets (%) 18.7 13.6 16.0 Stability—Financial Markets Stock price volatility 37.8 25.4 21.2 Other Indicators—Financial Institutions Bank concentration (%) 100.0 94.2 76.1 Boone indicator 0.50 0.00 –0.06 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 27.2 23.7 22.0 Stock market return (%, year-on-year) –14.2 –23.8 12.7 80 2015/2016  The Little Data Book on Financial Development FranceHigh income Gross domestic product ($ billions) 2,806.4 Population (millions) 65.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 86.2 106.8 114.3 Deposit money banks’ assets to GDP (%) 104.5 123.5 133.2 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 68.2 77.0 61.0 Stock market total value traded to GDP (%) 60.4 119.4 46.4 Outstanding domestic private debt securities to GDP (%) 40.6 51.2 56.3 Outstanding domestic public debt securities to GDP (%) 54.7 52.4 63.1 Outstanding international debt securities to GDP (%) 34.9 53.7 68.4 Syndicated loan issuance volume to GDP (%) 3.9 4.7 5.0 Corporate bond issuance volume to GDP (%) 2.9 2.2 3.5 Syndicated loan average maturity (years) 4.2 5.6 5.1 Corporate bond average maturity (years) 10.2 6.5 7.2 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 21.6 44.5 38.7 Account at a formal financial institution (%, age 15+) .. .. 97.0 Saved at a financial institution in the past year (%, age 15+) .. .. 49.5 Loan from a financial institution in the past year (%, age 15+) .. .. 18.6 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.6 1.9 1.8 Bank lending-deposit spread 3.9 .. .. Bank overhead costs to total assets (%) 3.1 2.0 1.8 Bank return on assets (%, after tax) –0.2 0.4 0.4 Bank return on equity (%, after tax) –2.2 6.9 6.1 Efficiency—Financial Markets Stock market turnover ratio (%) 87.6 145.1 68.8 Stability—Financial Institutions Bank Z-score 9.7 9.1 9.1 Bank nonperforming loans to gross loans (%) 4.8 2.8 4.5 Bank regulatory capital to risk-weighted assets (%) 11.9 10.5 15.4 Stability—Financial Markets Stock price volatility 35.1 23.5 20.8 Other Indicators—Financial Institutions Bank concentration (%) 24.2 31.0 30.8 Boone indicator –0.05 –0.04 –0.02 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 15.0 15.0 13.1 Stock market return (%, year-on-year) –17.5 –24.2 18.1 The Little Data Book on Financial Development  2015/2016 81 French Polynesia High income Gross domestic product ($ billions) .. data Population (thousands) data 276.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. .. .. Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. .. .. Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) .. .. .. Bank return on assets (%, after tax) .. .. .. Bank return on equity (%, after tax) .. .. .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 82 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Gabon Upper middle income Gross domestic product ($ billions) 19.3 Population (millions) 1.7 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 11.2 9.3 11.7 Deposit money banks’ assets to GDP (%) 14.4 11.6 15.5 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. 6.8 10.7 Syndicated loan issuance volume to GDP (%) 0.3 3.8 1.6 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 4.3 8.0 3.0 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 11 147 235 Bank branches per 100,000 adults (age 15+) 3.6 4.1 10.7 Account at a formal financial institution (%, age 15+) .. .. 18.9 Saved at a financial institution in the past year (%, age 15+) .. .. 8.7 Loan from a financial institution in the past year (%, age 15+) .. .. 2.3 Firms with bank loan/line of credit (%) .. 9.0 .. Firms using banks to finance investments (%) .. 6.3 .. Firms using banks to finance working capital (%) .. 8.5 .. Small firms with bank loan/line of credit (%) .. 4.1 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 4.6 7.0 0.9 Bank lending-deposit spread 13.0 10.8 .. Bank overhead costs to total assets (%) 6.5 5.9 2.7 Bank return on assets (%, after tax) 0.1 2.2 1.2 Bank return on equity (%, after tax) 1.0 24.5 16.2 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 13.9 12.6 10.3 Bank nonperforming loans to gross loans (%) 13.9 8.5 3.4 Bank regulatory capital to risk-weighted assets (%) 19.9 19.4 17.1 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 100.0 100.0 Boone indicator –0.03 –0.09 –0.07 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 83 Gambia, The Sub-Saharan Africa Low income Gross domestic product ($ millions) data 903.5 Population (millions) 1.8 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 26.1 12.5 14.6 Deposit money banks’ assets to GDP (%) 43.5 25.3 40.2 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 4.3 7.4 8.8 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 16.6 .. Firms using banks to finance investments (%) .. 7.6 .. Firms using banks to finance working capital (%) .. 14.3 .. Small firms with bank loan/line of credit (%) .. 8.1 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 9.7 8.6 6.6 Bank lending-deposit spread 12.9 14.1 14.6 Bank overhead costs to total assets (%) 7.1 8.2 6.1 Bank return on assets (%, after tax) 6.3 3.3 2.0 Bank return on equity (%, after tax) 62.6 30.6 20.3 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 7.9 6.9 5.5 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 89.6 100.0 Boone indicator –0.18 –0.02 0.02 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 84 2015/2016  The Little Data Book on Financial Development Europe & Central Asia Georgia Lower middle income Gross domestic product ($ billions) 16.1 Population (millions) 4.5 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 7.8 29.6 36.3 Deposit money banks’ assets to GDP (%) 8.9 30.2 39.3 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 3.8 7.6 5.5 Stock market total value traded to GDP (%) 0.1 0.2 0.0 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. 1.7 11.2 Syndicated loan issuance volume to GDP (%) .. 0.2 0.3 Corporate bond issuance volume to GDP (%) .. 5.1 4.7 Syndicated loan average maturity (years) .. 5.0 3.4 Corporate bond average maturity (years) .. 6.6 8.4 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 188 482 835 Bank branches per 100,000 adults (age 15+) 9.2 19.4 24.9 Account at a formal financial institution (%, age 15+) .. .. 33.0 Saved at a financial institution in the past year (%, age 15+) .. .. 1.0 Loan from a financial institution in the past year (%, age 15+) .. .. 11.0 Firms with bank loan/line of credit (%) .. 41.8 35.7 Firms using banks to finance investments (%) 23.4 38.2 22.0 Firms using banks to finance working capital (%) 29.0 .. 27.6 Small firms with bank loan/line of credit (%) .. 29.1 30.3 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 13.6 10.8 9.0 Bank lending-deposit spread 14.9 6.8 3.9 Bank overhead costs to total assets (%) 6.7 5.9 5.0 Bank return on assets (%, after tax) 4.7 –1.3 3.7 Bank return on equity (%, after tax) 18.3 –7.3 18.5 Efficiency—Financial Markets Stock market turnover ratio (%) 0.5 0.8 0.2 Stability—Financial Institutions Bank Z-score 13.6 6.5 11.0 Bank nonperforming loans to gross loans (%) 2.4 4.1 3.0 Bank regulatory capital to risk-weighted assets (%) 34.0 13.9 17.2 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 90.3 91.9 87.9 Boone indicator –0.11 –0.02 –0.11 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 64.2 34.9 29.6 Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 85 Germany High income data Gross domestic product ($ billions) 3,730.3 Population (millions) data 80.7 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 116.3 106.5 96.8 Deposit money banks’ assets to GDP (%) 143.5 126.4 118.3 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 38.1 45.1 36.5 Stock market total value traded to GDP (%) 52.5 89.8 40.5 Outstanding domestic private debt securities to GDP (%) 46.7 35.4 24.0 Outstanding domestic public debt securities to GDP (%) 40.4 39.6 50.1 Outstanding international debt securities to GDP (%) 51.5 63.4 57.5 Syndicated loan issuance volume to GDP (%) 3.9 2.1 4.3 Corporate bond issuance volume to GDP (%) 2.4 1.9 2.7 Syndicated loan average maturity (years) 3.6 5.1 4.7 Corporate bond average maturity (years) 7.1 5.2 6.8 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 21.3 16.3 14.7 Account at a formal financial institution (%, age 15+) .. .. 98.1 Saved at a financial institution in the past year (%, age 15+) .. .. 55.9 Loan from a financial institution in the past year (%, age 15+) .. .. 12.5 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) 45.0 .. .. Firms using banks to finance working capital (%) 42.2 .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 41.0 63.7 54.6 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 55.6 48.9 54.0 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.2 1.5 1.6 Bank lending-deposit spread 7.0 .. .. Bank overhead costs to total assets (%) 3.5 1.6 1.6 Bank return on assets (%, after tax) –0.1 0.2 0.4 Bank return on equity (%, after tax) –2.0 4.0 7.3 Efficiency—Financial Markets Stock market turnover ratio (%) 120.4 183.8 94.9 Stability—Financial Institutions Bank Z-score 35.0 28.3 34.8 Bank nonperforming loans to gross loans (%) 5.2 2.9 2.7 Bank regulatory capital to risk-weighted assets (%) 12.4 13.6 19.2 Stability—Financial Markets Stock price volatility 38.1 21.9 18.5 Other Indicators—Financial Institutions Bank concentration (%) 45.1 55.4 60.1 Boone indicator –0.02 –0.03 –0.03 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 8.3 7.8 8.3 Stock market return (%, year-on-year) –21.7 –17.7 22.9 86 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Ghana Lower middle income Gross domestic product ($ billions) 48.1 Population (millions) 25.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 10.9 13.6 14.2 Deposit money banks’ assets to GDP (%) 22.8 21.3 24.1 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 14.3 9.7 7.5 Stock market total value traded to GDP (%) 0.4 0.4 0.2 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 4.3 2.5 2.7 Syndicated loan issuance volume to GDP (%) 8.8 3.5 2.6 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 1.0 1.0 1.1 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 178 247 470 Bank branches per 100,000 adults (age 15+) 3.1 4.8 6.0 Account at a formal financial institution (%, age 15+) .. .. 29.4 Saved at a financial institution in the past year (%, age 15+) .. .. 16.1 Loan from a financial institution in the past year (%, age 15+) .. .. 5.8 Firms with bank loan/line of credit (%) .. 22.2 23.3 Firms using banks to finance investments (%) .. 16.0 21.2 Firms using banks to finance working capital (%) .. 21.4 25.3 Small firms with bank loan/line of credit (%) .. 13.0 19.9 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 13.4 9.6 10.7 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 7.8 8.6 5.7 Bank return on assets (%, after tax) 4.9 1.6 5.0 Bank return on equity (%, after tax) 50.1 17.5 31.8 Efficiency—Financial Markets Stock market turnover ratio (%) 4.2 5.4 1.7 Stability—Financial Institutions Bank Z-score 9.6 6.8 13.1 Bank nonperforming loans to gross loans (%) 18.3 7.7 12.0 Bank regulatory capital to risk-weighted assets (%) 9.3 13.8 18.5 Stability—Financial Markets Stock price volatility .. .. 9.1 Other Indicators—Financial Institutions Bank concentration (%) 100.0 64.9 70.1 Boone indicator –0.22 –0.15 –0.13 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 1.2 1.5 1.3 Stock market return (%, year-on-year) .. .. 74.4 The Little Data Book on Financial Development  2015/2016 87 Greece High income Gross domestic product ($ billions) data 242.2 Population (millions) data 11.0 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 59.3 94.0 124.6 Deposit money banks’ assets to GDP (%) 83.2 109.8 138.2 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 46.9 53.3 15.1 Stock market total value traded to GDP (%) 16.9 30.0 7.5 Outstanding domestic private debt securities to GDP (%) 1.1 10.9 34.1 Outstanding domestic public debt securities to GDP (%) 65.1 50.7 53.3 Outstanding international debt securities to GDP (%) 28.7 52.1 92.9 Syndicated loan issuance volume to GDP (%) 1.0 2.2 1.6 Corporate bond issuance volume to GDP (%) 1.8 1.1 2.4 Syndicated loan average maturity (years) 5.4 8.0 5.3 Corporate bond average maturity (years) 9.7 4.3 5.8 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 33.6 41.8 31.6 Account at a formal financial institution (%, age 15+) .. .. 77.9 Saved at a financial institution in the past year (%, age 15+) .. .. 19.9 Loan from a financial institution in the past year (%, age 15+) .. .. 7.9 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) 25.9 .. .. Firms using banks to finance working capital (%) 26.3 .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 55.4 20.0 10.6 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 49.9 42.0 9.7 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.3 2.0 1.9 Bank lending-deposit spread 4.3 .. .. Bank overhead costs to total assets (%) 4.2 2.0 1.5 Bank return on assets (%, after tax) 0.1 0.1 –0.7 Bank return on equity (%, after tax) 0.8 0.9 –7.3 Efficiency—Financial Markets Stock market turnover ratio (%) 40.9 25.5 39.3 Stability—Financial Institutions Bank Z-score 1.3 1.3 1.5 Bank nonperforming loans to gross loans (%) 7.0 4.7 31.9 Bank regulatory capital to risk-weighted assets (%) 12.0 10.0 13.5 Stability—Financial Markets Stock price volatility 19.4 23.9 37.5 Other Indicators—Financial Institutions Bank concentration (%) 100.0 100.0 100.0 Boone indicator 0.00 –0.16 –0.09 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 30.8 26.8 24.1 Stock market return (%, year-on-year) –11.0 –30.4 40.9 88 2015/2016  The Little Data Book on Financial Development Latin America & Caribbean Grenada Upper middle income Gross domestic product ($ millions) 835.6 Population (thousands) 105.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 57.1 67.0 77.2 Deposit money banks’ assets to GDP (%) 68.6 75.8 84.6 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 16.9 12.2 12.9 Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 38.1 33.5 35.0 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 49.0 .. Firms using banks to finance investments (%) .. 37.3 .. Firms using banks to finance working capital (%) .. 50.3 .. Small firms with bank loan/line of credit (%) .. 47.8 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.2 5.3 4.7 Bank lending-deposit spread 8.7 6.3 6.6 Bank overhead costs to total assets (%) 1.9 4.1 4.6 Bank return on assets (%, after tax) 1.0 2.1 –0.8 Bank return on equity (%, after tax) 8.3 18.9 –6.3 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 12.5 12.2 10.8 Bank nonperforming loans to gross loans (%) .. 3.5 13.8 Bank regulatory capital to risk-weighted assets (%) .. 13.0 12.2 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator –0.01 –0.00 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 89 Guatemala Latin America & Caribbean Lower middle income Gross domestic product ($ billions) data 53.8 Population (millions) data 15.5 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 22.5 26.1 30.7 Deposit money banks’ assets to GDP (%) 26.1 36.7 38.1 Nonbank financial institutions’ assets to GDP (%) 1.6 1.5 1.6 Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 2.8 2.8 4.0 Syndicated loan issuance volume to GDP (%) 0.2 0.2 0.2 Corporate bond issuance volume to GDP (%) 0.2 .. 0.8 Syndicated loan average maturity (years) 6.7 5.0 3.0 Corporate bond average maturity (years) 5.0 .. 9.7 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 18.8 31.9 38.0 Account at a formal financial institution (%, age 15+) .. .. 22.3 Saved at a financial institution in the past year (%, age 15+) .. .. 10.2 Loan from a financial institution in the past year (%, age 15+) .. .. 13.7 Firms with bank loan/line of credit (%) .. 49.1 .. Firms using banks to finance investments (%) .. 26.6 .. Firms using banks to finance working capital (%) .. 26.2 .. Small firms with bank loan/line of credit (%) .. 33.5 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 7.7 6.9 8.0 Bank lending-deposit spread 10.2 8.3 8.1 Bank overhead costs to total assets (%) 5.2 4.6 4.6 Bank return on assets (%, after tax) –0.1 1.3 1.5 Bank return on equity (%, after tax) 11.3 14.7 15.2 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 4.3 16.7 17.1 Bank nonperforming loans to gross loans (%) 6.5 2.2 1.2 Bank regulatory capital to risk-weighted assets (%) 15.6 13.5 14.8 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 51.2 68.3 67.6 Boone indicator –0.14 –0.11 –0.09 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) 90 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Guinea Low income Gross domestic product ($ billions) 6.1 Population (millions) 11.7 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 3.1 4.1 6.7 Deposit money banks’ assets to GDP (%) 6.8 7.0 13.3 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 4.0 2.8 1.6 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 5.0 5.0 4.5 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 17 32 63 Bank branches per 100,000 adults (age 15+) 0.7 1.0 1.8 Account at a formal financial institution (%, age 15+) .. .. 3.7 Saved at a financial institution in the past year (%, age 15+) .. .. 2.0 Loan from a financial institution in the past year (%, age 15+) .. .. 2.4 Firms with bank loan/line of credit (%) .. 6.0 .. Firms using banks to finance investments (%) .. 0.9 .. Firms using banks to finance working capital (%) .. 2.6 .. Small firms with bank loan/line of credit (%) .. 2.5 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 13.5 6.0 5.3 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 9.4 8.0 5.4 Bank return on assets (%, after tax) 7.3 1.1 1.9 Bank return on equity (%, after tax) 59.7 16.2 19.5 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 10.5 3.2 6.0 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. 100.0 100.0 Boone indicator 0.00 0.11 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 91 Guinea-Bissau Sub-Saharan Africa Low income Gross domestic product ($ millions) data 960.8 Population (millions) 1.7 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 1.3 3.7 13.9 Deposit money banks’ assets to GDP (%) 1.4 6.0 15.5 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 9 42 62 Bank branches per 100,000 adults (age 15+) 0.1 1.1 2.7 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 2.8 .. Firms using banks to finance investments (%) .. 0.7 .. Firms using banks to finance working capital (%) .. 1.1 .. Small firms with bank loan/line of credit (%) .. 2.1 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. 3.5 5.3 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) .. 9.2 10.5 Bank return on assets (%, after tax) .. –4.7 1.1 Bank return on equity (%, after tax) .. –48.9 9.4 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. 2.3 4.4 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 92 2015/2016  The Little Data Book on Financial Development Latin America & Caribbean Guyana Lower middle income Gross domestic product ($ billions) 3.0 Population (thousands) 799.6 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 48.6 43.4 33.8 Deposit money banks’ assets to GDP (%) 75.0 69.7 47.5 Nonbank financial institutions’ assets to GDP (%) 22.1 25.1 15.6 Depth—Financial Markets Stock market capitalization to GDP (%) 14.0 14.6 18.4 Stock market total value traded to GDP (%) 0.1 0.0 .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 6.0 6.6 8.4 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 50.5 .. Firms using banks to finance investments (%) .. 34.5 .. Firms using banks to finance working capital (%) .. 59.4 .. Small firms with bank loan/line of credit (%) .. 38.9 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 4.2 4.9 5.7 Bank lending-deposit spread 11.8 12.2 12.4 Bank overhead costs to total assets (%) 3.9 3.0 2.6 Bank return on assets (%, after tax) 0.9 2.2 2.2 Bank return on equity (%, after tax) 10.4 25.8 21.4 Efficiency—Financial Markets Stock market turnover ratio (%) 1.1 0.3 .. Stability—Financial Institutions Bank Z-score 13.4 16.4 19.2 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 100.0 100.0 Boone indicator –0.02 –0.06 –0.04 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 17.3 14.2 15.1 Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 93 Haiti Latin America & Caribbean Low income Gross domestic product ($ billions) 8.5 data Population (millions) data 10.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 15.9 12.2 17.2 Deposit money banks’ assets to GDP (%) 18.8 13.7 18.8 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 0.7 0.3 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 6.6 14.0 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 207 328 311 Bank branches per 100,000 adults (age 15+) 3.2 2.9 2.8 Account at a formal financial institution (%, age 15+) .. .. 22.0 Saved at a financial institution in the past year (%, age 15+) .. .. 18.0 Loan from a financial institution in the past year (%, age 15+) .. .. 8.3 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 11.2 9.7 6.6 Bank lending-deposit spread 19.4 15.7 8.0 Bank overhead costs to total assets (%) 7.1 7.3 4.8 Bank return on assets (%, after tax) 1.5 1.5 1.6 Bank return on equity (%, after tax) 27.3 22.9 20.1 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 15.7 18.5 23.8 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 91.4 100.0 Boone indicator –0.07 –0.08 –0.06 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) 94 2015/2016  The Little Data Book on Financial Development Latin America & Caribbean Honduras Lower middle income Gross domestic product ($ billions) 18.6 Population (millions) 8.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 34.5 49.4 51.7 Deposit money banks’ assets to GDP (%) 35.6 51.5 58.1 Nonbank financial institutions’ assets to GDP (%) 2.4 2.6 2.3 Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 1.4 1.6 0.5 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 9.8 7.4 12.1 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 16.2 24.4 24.0 Account at a formal financial institution (%, age 15+) .. .. 20.5 Saved at a financial institution in the past year (%, age 15+) .. .. 8.5 Loan from a financial institution in the past year (%, age 15+) .. .. 7.1 Firms with bank loan/line of credit (%) .. 31.2 .. Firms using banks to finance investments (%) .. 17.0 .. Firms using banks to finance working capital (%) .. 25.6 .. Small firms with bank loan/line of credit (%) .. 24.3 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 8.7 8.1 7.7 Bank lending-deposit spread 9.3 8.4 8.4 Bank overhead costs to total assets (%) 5.0 5.9 5.9 Bank return on assets (%, after tax) 1.6 1.5 1.3 Bank return on equity (%, after tax) 10.5 12.4 11.1 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 44.1 37.2 33.0 Bank nonperforming loans to gross loans (%) .. 4.3 3.4 Bank regulatory capital to risk-weighted assets (%) .. 14.3 14.8 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 48.9 61.6 63.9 Boone indicator –0.00 –0.04 –0.03 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 95 Hong Kong SAR, China High income Gross domestic product ($ billions) data 274.0 Population (millions) 7.2 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 147.3 136.6 204.3 Deposit money banks’ assets to GDP (%) 165.3 150.5 243.0 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 312.7 570.2 378.4 Stock market total value traded to GDP (%) 140.0 580.6 529.3 Outstanding domestic private debt securities to GDP (%) 18.7 14.5 15.3 Outstanding domestic public debt securities to GDP (%) 10.4 9.2 36.0 Outstanding international debt securities to GDP (%) 27.0 30.5 42.5 Syndicated loan issuance volume to GDP (%) 7.6 5.9 10.1 Corporate bond issuance volume to GDP (%) 2.2 1.8 4.6 Syndicated loan average maturity (years) 5.2 4.1 5.3 Corporate bond average maturity (years) 7.6 7.5 7.5 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 23.6 23.8 23.1 Account at a formal financial institution (%, age 15+) .. .. 88.7 Saved at a financial institution in the past year (%, age 15+) .. .. 42.8 Loan from a financial institution in the past year (%, age 15+) .. .. 7.9 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 61.8 58.6 74.2 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 44.7 51.4 64.7 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.3 3.5 1.9 Bank lending-deposit spread 4.9 4.6 5.0 Bank overhead costs to total assets (%) 1.4 3.7 6.1 Bank return on assets (%, after tax) 0.9 3.5 1.8 Bank return on equity (%, after tax) 2.4 34.6 9.9 Efficiency—Financial Markets Stock market turnover ratio (%) 48.3 130.1 123.7 Stability—Financial Institutions Bank Z-score 21.6 15.9 19.2 Bank nonperforming loans to gross loans (%) 3.9 1.2 0.5 Bank regulatory capital to risk-weighted assets (%) 15.3 14.8 15.9 Stability—Financial Markets Stock price volatility 19.7 34.2 18.0 Other Indicators—Financial Institutions Bank concentration (%) 99.2 94.3 95.1 Boone indicator 0.07 0.02 –0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 144.4 179.8 203.9 Stock market return (%, year-on-year) –1.6 –9.9 10.4 96 2015/2016  The Little Data Book on Financial Development Hungary High income Gross domestic product ($ billions) 133.4 Population (millions) 9.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 37.4 65.3 .. Deposit money banks’ assets to GDP (%) 49.2 80.2 .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 18.9 22.7 15.1 Stock market total value traded to GDP (%) 9.0 26.6 11.4 Outstanding domestic private debt securities to GDP (%) 4.9 6.6 22.9 Outstanding domestic public debt securities to GDP (%) 43.4 45.0 46.9 Outstanding international debt securities to GDP (%) 14.3 24.3 31.5 Syndicated loan issuance volume to GDP (%) 1.9 2.8 1.3 Corporate bond issuance volume to GDP (%) 0.2 0.4 0.2 Syndicated loan average maturity (years) 6.0 10.7 5.2 Corporate bond average maturity (years) 2.1 7.0 7.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. 992 Bank branches per 100,000 adults (age 15+) 13.8 17.9 15.3 Account at a formal financial institution (%, age 15+) .. .. 72.7 Saved at a financial institution in the past year (%, age 15+) .. .. 17.3 Loan from a financial institution in the past year (%, age 15+) .. .. 9.4 Firms with bank loan/line of credit (%) .. 43.0 37.3 Firms using banks to finance investments (%) 22.6 48.7 22.6 Firms using banks to finance working capital (%) 27.6 .. 25.4 Small firms with bank loan/line of credit (%) .. 39.6 31.5 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 2.9 1.0 5.4 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 18.7 5.2 3.2 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. 0.7 0.4 Efficiency—Financial Institutions Bank net interest margin (%) 4.1 3.4 3.3 Bank lending-deposit spread 3.7 0.3 3.8 Bank overhead costs to total assets (%) 4.2 19.4 3.9 Bank return on assets (%, after tax) 2.1 1.3 0.3 Bank return on equity (%, after tax) 19.7 14.5 2.6 Efficiency—Financial Markets Stock market turnover ratio (%) 51.9 86.6 56.7 Stability—Financial Institutions Bank Z-score 19.6 15.7 16.2 Bank nonperforming loans to gross loans (%) 2.6 3.0 16.7 Bank regulatory capital to risk-weighted assets (%) 11.8 12.3 17.4 Stability—Financial Markets Stock price volatility 21.8 24.2 19.4 Other Indicators—Financial Institutions Bank concentration (%) 71.8 74.4 85.2 Boone indicator –0.16 –0.10 –0.11 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 4.8 4.1 5.1 Stock market return (%, year-on-year) 8.0 –24.1 3.5 The Little Data Book on Financial Development  2015/2016 97 Iceland High income Gross domestic product ($ billions) data 15.3 Population (thousands) data 323.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 116.2 184.7 94.7 Deposit money banks’ assets to GDP (%) 117.7 189.3 109.2 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 74.4 106.2 16.6 Stock market total value traded to GDP (%) 49.9 150.2 4.3 Outstanding domestic private debt securities to GDP (%) 73.3 91.7 69.3 Outstanding domestic public debt securities to GDP (%) 16.2 12.9 51.9 Outstanding international debt securities to GDP (%) 143.3 319.3 159.9 Syndicated loan issuance volume to GDP (%) 7.3 32.5 1.3 Corporate bond issuance volume to GDP (%) 0.3 0.7 1.5 Syndicated loan average maturity (years) 7.1 5.2 3.3 Corporate bond average maturity (years) 15.0 3.9 7.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 90.8 69.7 43.7 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) 9.2 22.2 7.7 Efficiency—Financial Institutions Bank net interest margin (%) 2.1 2.2 3.3 Bank lending-deposit spread 7.1 .. .. Bank overhead costs to total assets (%) 2.2 2.5 5.8 Bank return on assets (%, after tax) 1.6 –109.5 2.6 Bank return on equity (%, after tax) 19.3 8.4 12.7 Efficiency—Financial Markets Stock market turnover ratio (%) 86.8 82.0 29.1 Stability—Financial Institutions Bank Z-score 0.4 –4.8 –1.2 Bank nonperforming loans to gross loans (%) 2.1 14.1 4.3 Bank regulatory capital to risk-weighted assets (%) 12.3 15.8 26.2 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 100.0 100.0 Boone indicator 0.00 –0.10 –0.11 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 165.8 44.1 34.3 Stock market return (%, year-on-year) .. .. .. 98 2015/2016  The Little Data Book on Financial Development South Asia India Lower middle income Gross domestic product ($ billions) 1,875.1 Population (millions) 1,252.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 29.9 44.4 49.4 Deposit money banks’ assets to GDP (%) 50.1 62.4 68.2 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 33.7 94.2 58.8 Stock market total value traded to GDP (%) 39.9 83.2 35.1 Outstanding domestic private debt securities to GDP (%) 0.4 3.1 4.9 Outstanding domestic public debt securities to GDP (%) 1.3 3.2 31.3 Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 0.2 3.6 3.0 Corporate bond issuance volume to GDP (%) 0.3 0.6 1.3 Syndicated loan average maturity (years) 6.0 9.9 7.6 Corporate bond average maturity (years) 8.8 7.8 8.2 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 621 726 .. Bank branches per 100,000 adults (age 15+) 9.0 9.4 12.2 Account at a formal financial institution (%, age 15+) .. .. 35.2 Saved at a financial institution in the past year (%, age 15+) .. .. 11.6 Loan from a financial institution in the past year (%, age 15+) .. .. 7.7 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. 46.6 .. Firms using banks to finance working capital (%) .. 36.4 .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 56.5 69.9 76.4 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 61.5 74.4 69.0 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 4.2 2.9 2.8 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 2.7 1.7 1.7 Bank return on assets (%, after tax) 1.5 1.0 0.7 Bank return on equity (%, after tax) 26.5 14.2 9.0 Efficiency—Financial Markets Stock market turnover ratio (%) 136.7 91.1 57.7 Stability—Financial Institutions Bank Z-score 30.9 34.0 32.2 Bank nonperforming loans to gross loans (%) 8.8 2.5 4.0 Bank regulatory capital to risk-weighted assets (%) 12.7 13.0 12.3 Stability—Financial Markets Stock price volatility 17.9 31.2 15.8 Other Indicators—Financial Institutions Bank concentration (%) 23.4 24.8 27.6 Boone indicator –0.05 –0.04 –0.03 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 5.2 4.2 4.2 Stock market return (%, year-on-year) 18.8 –6.9 12.0 The Little Data Book on Financial Development  2015/2016 99 Indonesia East Asia & Pacific Lower middle income Gross domestic product ($ billions) data 868.3 Population (millions) data 249.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 19.2 23.4 31.3 Deposit money banks’ assets to GDP (%) 38.6 30.8 36.5 Nonbank financial institutions’ assets to GDP (%) .. 5.1 7.1 Depth—Financial Markets Stock market capitalization to GDP (%) 18.4 30.3 43.5 Stock market total value traded to GDP (%) 6.1 21.6 12.8 Outstanding domestic private debt securities to GDP (%) 4.7 4.8 2.2 Outstanding domestic public debt securities to GDP (%) 19.9 11.9 10.5 Outstanding international debt securities to GDP (%) 3.8 4.0 6.2 Syndicated loan issuance volume to GDP (%) 1.8 2.0 1.5 Corporate bond issuance volume to GDP (%) 0.7 0.1 0.9 Syndicated loan average maturity (years) 9.0 6.0 5.1 Corporate bond average maturity (years) 5.9 4.8 8.3 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 5.2 6.6 10.4 Account at a formal financial institution (%, age 15+) .. .. 19.6 Saved at a financial institution in the past year (%, age 15+) .. .. 15.3 Loan from a financial institution in the past year (%, age 15+) .. .. 8.5 Firms with bank loan/line of credit (%) .. 18.2 .. Firms using banks to finance investments (%) .. 11.7 .. Firms using banks to finance working capital (%) .. 13.8 .. Small firms with bank loan/line of credit (%) .. 16.5 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 41.6 46.1 62.4 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 45.8 48.7 56.6 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. 4.0 6.9 Efficiency—Financial Institutions Bank net interest margin (%) 4.7 5.0 4.3 Bank lending-deposit spread 6.3 5.1 5.4 Bank overhead costs to total assets (%) 3.5 3.2 2.8 Bank return on assets (%, after tax) 1.3 –0.3 1.3 Bank return on equity (%, after tax) 14.5 13.0 11.2 Efficiency—Financial Markets Stock market turnover ratio (%) 34.3 71.7 24.0 Stability—Financial Institutions Bank Z-score 14.5 14.1 19.2 Bank nonperforming loans to gross loans (%) 6.8 3.2 1.7 Bank regulatory capital to risk-weighted assets (%) 22.3 17.5 19.8 Stability—Financial Markets Stock price volatility 23.3 28.4 17.2 Other Indicators—Financial Institutions Bank concentration (%) 35.6 30.0 29.5 Boone indicator –0.03 –0.01 –0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 1.5 1.7 1.9 Stock market return (%, year-on-year) 12.3 –3.0 12.0 100 2015/2016  The Little Data Book on Financial Development Middle East & North Africa Iran, Islamic Rep. Upper middle income Gross domestic product ($ billions) 368.9 Population (millions) 77.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 22.0 31.6 12.4 Deposit money banks’ assets to GDP (%) 23.0 34.0 15.2 Nonbank financial institutions’ assets to GDP (%) 8.9 10.7 21.4 Depth—Financial Markets Stock market capitalization to GDP (%) 17.6 13.5 23.0 Stock market total value traded to GDP (%) 2.6 3.3 3.9 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 0.9 0.3 .. Syndicated loan issuance volume to GDP (%) 1.6 0.1 .. Corporate bond issuance volume to GDP (%) .. .. 0.7 Syndicated loan average maturity (years) 5.2 3.0 .. Corporate bond average maturity (years) .. .. 3.9 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 28.2 28.4 27.7 Account at a formal financial institution (%, age 15+) .. .. 73.7 Saved at a financial institution in the past year (%, age 15+) .. .. 19.7 Loan from a financial institution in the past year (%, age 15+) .. .. 30.7 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 63.6 35.8 .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 45.4 50.7 .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. .. .. Bank lending-deposit spread 5.0 0.4 .. Bank overhead costs to total assets (%) .. .. .. Bank return on assets (%, after tax) .. .. .. Bank return on equity (%, after tax) .. .. .. Efficiency—Financial Markets Stock market turnover ratio (%) 22.2 32.0 19.1 Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 5.4 4.9 3.7 Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 101 Iraq Middle East & North Africa Lower middle income Gross domestic product ($ billions) data 229.3 Population (millions) data 33.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. 2.2 6.0 Deposit money banks’ assets to GDP (%) .. 4.4 12.0 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. 0.3 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. 7.0 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. 3.3 5.5 Account at a formal financial institution (%, age 15+) .. .. 10.6 Saved at a financial institution in the past year (%, age 15+) .. .. 5.4 Loan from a financial institution in the past year (%, age 15+) .. .. 8.0 Firms with bank loan/line of credit (%) .. .. 3.8 Firms using banks to finance investments (%) .. .. 2.7 Firms using banks to finance working capital (%) .. .. 4.6 Small firms with bank loan/line of credit (%) .. .. 2.8 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 4.5 9.4 3.1 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 2.1 2.6 3.4 Bank return on assets (%, after tax) 1.7 3.7 4.7 Bank return on equity (%, after tax) 23.5 28.3 17.6 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 7.5 12.5 28.7 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 93.4 78.9 Boone indicator .. 0.00 –0.03 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 102 2015/2016  The Little Data Book on Financial Development Ireland High income Gross domestic product ($ billions) 232.1 Population (millions) 4.6 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 104.7 210.4 168.1 Deposit money banks’ assets to GDP (%) 108.3 211.8 187.6 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 48.3 37.9 47.3 Stock market total value traded to GDP (%) 25.6 34.1 6.0 Outstanding domestic private debt securities to GDP (%) 30.9 95.3 113.5 Outstanding domestic public debt securities to GDP (%) 20.2 21.7 29.4 Outstanding international debt securities to GDP (%) 43.7 161.0 189.1 Syndicated loan issuance volume to GDP (%) 3.6 1.6 3.8 Corporate bond issuance volume to GDP (%) 1.5 0.8 3.3 Syndicated loan average maturity (years) 5.6 8.1 5.9 Corporate bond average maturity (years) 12.5 9.3 8.9 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 35.9 34.2 23.0 Account at a formal financial institution (%, age 15+) .. .. 93.9 Saved at a financial institution in the past year (%, age 15+) .. .. 51.3 Loan from a financial institution in the past year (%, age 15+) .. .. 15.7 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) 37.4 .. .. Firms using banks to finance working capital (%) 46.1 .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 10.6 17.2 7.2 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 15.6 18.8 7.8 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 0.3 0.1 1.2 Bank lending-deposit spread 2.8 .. .. Bank overhead costs to total assets (%) 0.2 0.1 1.5 Bank return on assets (%, after tax) 0.7 0.2 –0.6 Bank return on equity (%, after tax) 9.5 3.7 –4.0 Efficiency—Financial Markets Stock market turnover ratio (%) 55.8 35.9 11.5 Stability—Financial Institutions Bank Z-score 11.0 9.8 37.1 Bank nonperforming loans to gross loans (%) 0.9 1.9 25.3 Bank regulatory capital to risk-weighted assets (%) 13.9 12.1 20.4 Stability—Financial Markets Stock price volatility 20.8 30.2 16.5 Other Indicators—Financial Institutions Bank concentration (%) 100.0 71.9 99.0 Boone indicator –0.01 0.00 –0.01 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 13.8 12.9 9.2 Stock market return (%, year-on-year) –6.9 –43.9 23.4 The Little Data Book on Financial Development  2015/2016 103 Isle of Man High income Gross domestic product ($ billions) .. data Population (thousands) data 85.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 6.2 9.0 .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 5.0 4.0 3.0 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. .. .. Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. .. .. Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) .. .. .. Bank return on assets (%, after tax) .. .. .. Bank return on equity (%, after tax) .. .. .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 104 2015/2016  The Little Data Book on Financial Development Israel High income Gross domestic product ($ billions) 290.6 Population (millions) 8.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 82.8 91.1 87.2 Deposit money banks’ assets to GDP (%) 91.2 99.0 96.7 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 49.3 95.9 55.2 Stock market total value traded to GDP (%) 39.6 56.3 32.3 Outstanding domestic private debt securities to GDP (%) 4.2 25.6 29.4 Outstanding domestic public debt securities to GDP (%) 38.6 38.7 46.5 Outstanding international debt securities to GDP (%) 9.8 8.3 11.3 Syndicated loan issuance volume to GDP (%) 0.5 0.2 1.0 Corporate bond issuance volume to GDP (%) 0.2 0.6 0.7 Syndicated loan average maturity (years) 10.2 20.0 4.1 Corporate bond average maturity (years) 5.7 10.5 8.2 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 1,025 968 Bank branches per 100,000 adults (age 15+) 19.8 19.8 19.9 Account at a formal financial institution (%, age 15+) .. .. 90.5 Saved at a financial institution in the past year (%, age 15+) .. .. 24.8 Loan from a financial institution in the past year (%, age 15+) .. .. 16.7 Firms with bank loan/line of credit (%) .. .. 55.1 Firms using banks to finance investments (%) .. .. 46.4 Firms using banks to finance working capital (%) .. .. 34.3 Small firms with bank loan/line of credit (%) .. .. 52.4 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 52.7 42.2 51.7 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 51.9 36.3 49.3 Nonfin. corporate bonds to total bonds and notes outstanding (%) 5.5 17.7 22.0 Efficiency—Financial Institutions Bank net interest margin (%) 2.0 3.2 2.5 Bank lending-deposit spread 4.0 3.3 3.3 Bank overhead costs to total assets (%) 2.0 3.6 2.2 Bank return on assets (%, after tax) 0.3 0.4 0.7 Bank return on equity (%, after tax) 5.5 7.1 10.0 Efficiency—Financial Markets Stock market turnover ratio (%) 67.2 53.2 47.4 Stability—Financial Institutions Bank Z-score 10.4 9.9 24.8 Bank nonperforming loans to gross loans (%) 2.6 1.5 2.9 Bank regulatory capital to risk-weighted assets (%) 10.3 11.3 14.9 Stability—Financial Markets Stock price volatility 21.5 21.1 14.0 Other Indicators—Financial Institutions Bank concentration (%) 75.1 76.7 79.9 Boone indicator 0.00 –0.05 –0.05 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 86.1 87.8 67.3 Stock market return (%, year-on-year) 11.1 –16.8 9.2 The Little Data Book on Financial Development  2015/2016 105 Italy High income data Gross domestic product ($ billions) 2,149.5 Population (millions) data 60.2 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 80.0 102.5 123.5 Deposit money banks’ assets to GDP (%) 95.7 127.8 164.9 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 38.0 35.3 21.1 Stock market total value traded to GDP (%) 41.9 66.8 38.0 Outstanding domestic private debt securities to GDP (%) 32.3 31.7 37.8 Outstanding domestic public debt securities to GDP (%) 89.0 80.2 91.2 Outstanding international debt securities to GDP (%) 32.9 47.1 56.1 Syndicated loan issuance volume to GDP (%) 4.1 1.8 2.7 Corporate bond issuance volume to GDP (%) 1.6 0.6 1.8 Syndicated loan average maturity (years) 5.6 7.3 6.4 Corporate bond average maturity (years) 11.9 19.9 12.8 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 754 860 .. Bank branches per 100,000 adults (age 15+) 63.5 70.3 62.0 Account at a formal financial institution (%, age 15+) .. .. 71.0 Saved at a financial institution in the past year (%, age 15+) .. .. 15.5 Loan from a financial institution in the past year (%, age 15+) .. .. 4.6 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 35.3 22.5 .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 43.7 39.7 .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 1.8 2.0 2.1 Bank lending-deposit spread 4.9 .. .. Bank overhead costs to total assets (%) 2.4 1.4 1.8 Bank return on assets (%, after tax) 0.4 0.5 –0.6 Bank return on equity (%, after tax) 4.6 7.7 –6.9 Efficiency—Financial Markets Stock market turnover ratio (%) 111.0 79.1 172.0 Stability—Financial Institutions Bank Z-score 18.7 13.1 15.1 Bank nonperforming loans to gross loans (%) 6.7 6.3 16.5 Bank regulatory capital to risk-weighted assets (%) 11.4 10.4 13.7 Stability—Financial Markets Stock price volatility 28.7 21.0 27.6 Other Indicators—Financial Institutions Bank concentration (%) 68.9 32.9 25.1 Boone indicator –0.15 –0.06 –0.01 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 4.7 5.0 4.7 Stock market return (%, year-on-year) –11.5 –29.6 13.5 106 2015/2016  The Little Data Book on Financial Development Latin America & Caribbean Jamaica Upper middle income Gross domestic product ($ billions) 14.4 Population (millions) 2.7 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 15.3 27.9 28.3 Deposit money banks’ assets to GDP (%) 40.4 45.3 42.8 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 69.5 73.8 45.2 Stock market total value traded to GDP (%) 1.9 2.6 1.4 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 16.7 44.0 58.5 Syndicated loan issuance volume to GDP (%) 0.5 0.7 6.4 Corporate bond issuance volume to GDP (%) 4.5 8.6 12.6 Syndicated loan average maturity (years) 6.0 7.0 7.9 Corporate bond average maturity (years) 8.3 6.3 7.7 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 7.3 7.2 6.1 Account at a formal financial institution (%, age 15+) .. .. 71.0 Saved at a financial institution in the past year (%, age 15+) .. .. 30.4 Loan from a financial institution in the past year (%, age 15+) .. .. 7.9 Firms with bank loan/line of credit (%) .. 27.2 .. Firms using banks to finance investments (%) .. 44.2 .. Firms using banks to finance working capital (%) .. 53.1 .. Small firms with bank loan/line of credit (%) .. 25.9 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 1.6 3.8 5.3 Bank lending-deposit spread 10.4 9.3 14.1 Bank overhead costs to total assets (%) 1.2 3.4 4.7 Bank return on assets (%, after tax) 1.4 –0.9 1.4 Bank return on equity (%, after tax) 20.9 –9.7 7.2 Efficiency—Financial Markets Stock market turnover ratio (%) 3.8 3.6 3.1 Stability—Financial Institutions Bank Z-score 11.3 6.7 24.6 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility 11.1 13.7 10.1 Other Indicators—Financial Institutions Bank concentration (%) 83.8 84.9 100.0 Boone indicator 0.00 –0.02 –0.05 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 14.9 14.6 13.3 Stock market return (%, year-on-year) 37.1 9.3 –5.9 The Little Data Book on Financial Development  2015/2016 107 Japan High income data Gross domestic product ($ billions) 4,919.6 Population (millions) data 127.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 102.2 101.8 108.4 Deposit money banks’ assets to GDP (%) 151.1 162.1 189.7 Nonbank financial institutions’ assets to GDP (%) 298.5 260.6 250.3 Depth—Financial Markets Stock market capitalization to GDP (%) 62.1 86.1 60.9 Stock market total value traded to GDP (%) 46.2 137.8 65.4 Outstanding domestic private debt securities to GDP (%) 68.8 81.1 62.8 Outstanding domestic public debt securities to GDP (%) 122.3 156.2 179.8 Outstanding international debt securities to GDP (%) 6.1 8.0 7.2 Syndicated loan issuance volume to GDP (%) 2.1 4.6 5.3 Corporate bond issuance volume to GDP (%) 1.1 1.2 1.5 Syndicated loan average maturity (years) 2.7 3.6 4.5 Corporate bond average maturity (years) 7.9 7.3 6.9 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 34.6 33.9 33.9 Account at a formal financial institution (%, age 15+) .. .. 96.4 Saved at a financial institution in the past year (%, age 15+) .. .. 51.3 Loan from a financial institution in the past year (%, age 15+) .. .. 6.1 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 67.4 50.0 80.6 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 78.4 58.5 81.8 Nonfin. corporate bonds to total bonds and notes outstanding (%) 10.5 6.8 5.3 Efficiency—Financial Institutions Bank net interest margin (%) 1.3 0.9 0.8 Bank lending-deposit spread 1.8 1.3 0.8 Bank overhead costs to total assets (%) 1.0 0.7 0.5 Bank return on assets (%, after tax) –0.2 0.1 0.2 Bank return on equity (%, after tax) –7.0 3.1 3.2 Efficiency—Financial Markets Stock market turnover ratio (%) 85.1 140.9 99.5 Stability—Financial Institutions Bank Z-score 16.0 27.7 37.1 Bank nonperforming loans to gross loans (%) 5.2 2.4 2.3 Bank regulatory capital to risk-weighted assets (%) 11.1 11.3 15.2 Stability—Financial Markets Stock price volatility 21.7 26.2 20.2 Other Indicators—Financial Institutions Bank concentration (%) 88.6 98.7 94.9 Boone indicator 0.03 0.01 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 24.4 25.8 27.2 Stock market return (%, year-on-year) –6.2 –28.6 46.5 108 2015/2016  The Little Data Book on Financial Development Middle East & North Africa Jordan Upper middle income Gross domestic product ($ billions) 33.7 Population (millions) 6.5 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 69.5 80.1 69.3 Deposit money banks’ assets to GDP (%) 86.9 105.1 109.9 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 88.4 186.0 86.6 Stock market total value traded to GDP (%) 19.3 108.2 11.0 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 4.0 0.7 4.5 Syndicated loan issuance volume to GDP (%) 0.4 7.9 1.8 Corporate bond issuance volume to GDP (%) 0.8 .. .. Syndicated loan average maturity (years) 2.2 4.9 19.7 Corporate bond average maturity (years) 3.5 .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 19.2 18.5 20.3 Account at a formal financial institution (%, age 15+) .. .. 25.5 Saved at a financial institution in the past year (%, age 15+) .. .. 8.3 Loan from a financial institution in the past year (%, age 15+) .. .. 4.5 Firms with bank loan/line of credit (%) .. 25.5 16.7 Firms using banks to finance investments (%) .. 8.6 46.8 Firms using banks to finance working capital (%) .. 18.3 26.1 Small firms with bank loan/line of credit (%) .. 15.8 12.5 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. 44.1 54.1 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. 30.7 33.6 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.0 3.4 3.4 Bank lending-deposit spread 6.2 3.6 4.2 Bank overhead costs to total assets (%) 1.8 1.7 1.7 Bank return on assets (%, after tax) 0.8 1.6 1.4 Bank return on equity (%, after tax) 8.7 10.2 9.2 Efficiency—Financial Markets Stock market turnover ratio (%) 28.9 68.5 10.4 Stability—Financial Institutions Bank Z-score 29.2 50.1 48.7 Bank nonperforming loans to gross loans (%) 15.5 4.2 7.0 Bank regulatory capital to risk-weighted assets (%) 15.9 18.4 18.4 Stability—Financial Markets Stock price volatility 13.1 16.1 7.4 Other Indicators—Financial Institutions Bank concentration (%) 97.8 94.9 86.3 Boone indicator –0.05 –0.06 –0.05 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 31.2 45.3 38.5 Stock market return (%, year-on-year) 23.5 22.7 3.5 The Little Data Book on Financial Development  2015/2016 109 Kazakhstan Europe & Central Asia Upper middle income Gross domestic product ($ billions) data 231.9 Population (millions) data 17.0 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 19.0 48.0 33.7 Deposit money banks’ assets to GDP (%) 21.9 49.4 38.2 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 6.1 27.9 16.4 Stock market total value traded to GDP (%) 0.6 4.8 0.5 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 8.7 24.2 17.1 Syndicated loan issuance volume to GDP (%) 3.3 12.3 2.2 Corporate bond issuance volume to GDP (%) 3.2 2.6 1.9 Syndicated loan average maturity (years) 3.5 5.5 4.8 Corporate bond average maturity (years) 8.4 7.3 18.9 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 722 947 1,039 Bank branches per 100,000 adults (age 15+) 3.7 3.5 3.3 Account at a formal financial institution (%, age 15+) .. .. 42.1 Saved at a financial institution in the past year (%, age 15+) .. .. 6.7 Loan from a financial institution in the past year (%, age 15+) .. .. 13.1 Firms with bank loan/line of credit (%) .. 33.2 19.2 Firms using banks to finance investments (%) 16.4 31.0 16.3 Firms using banks to finance working capital (%) 21.1 .. 13.0 Small firms with bank loan/line of credit (%) .. 18.8 15.0 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. 12.6 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. 19.0 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 7.0 5.7 6.6 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 5.7 3.2 3.3 Bank return on assets (%, after tax) 2.4 0.1 1.5 Bank return on equity (%, after tax) 18.1 0.9 11.1 Efficiency—Financial Markets Stock market turnover ratio (%) 13.9 9.2 3.3 Stability—Financial Institutions Bank Z-score 8.1 7.4 7.1 Bank nonperforming loans to gross loans (%) .. 7.1 19.5 Bank regulatory capital to risk-weighted assets (%) 16.9 14.9 17.8 Stability—Financial Markets Stock price volatility 81.5 36.5 23.2 Other Indicators—Financial Institutions Bank concentration (%) 56.3 63.5 46.1 Boone indicator –0.08 –0.05 –0.06 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 2.7 4.7 4.4 Stock market return (%, year-on-year) 12.9 –17.8 –10.7 110 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Kenya Low income Gross domestic product ($ billions) 55.2 Population (millions) 44.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 25.0 28.0 29.1 Deposit money banks’ assets to GDP (%) 36.7 39.1 41.9 Nonbank financial institutions’ assets to GDP (%) 2.6 1.6 .. Depth—Financial Markets Stock market capitalization to GDP (%) 19.2 36.0 25.4 Stock market total value traded to GDP (%) 0.8 4.0 1.9 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 0.9 0.4 0.3 Corporate bond issuance volume to GDP (%) .. 1.0 .. Syndicated loan average maturity (years) 5.0 0.8 9.5 Corporate bond average maturity (years) .. 10.7 .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 103 288 652 Bank branches per 100,000 adults (age 15+) 2.7 4.1 5.6 Account at a formal financial institution (%, age 15+) .. .. 42.3 Saved at a financial institution in the past year (%, age 15+) .. .. 23.3 Loan from a financial institution in the past year (%, age 15+) .. .. 9.7 Firms with bank loan/line of credit (%) .. 25.4 35.9 Firms using banks to finance investments (%) .. 22.9 43.6 Firms using banks to finance working capital (%) .. 26.0 41.2 Small firms with bank loan/line of credit (%) .. 18.3 30.4 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 8.2 6.2 6.3 Bank lending-deposit spread 12.4 8.7 8.7 Bank overhead costs to total assets (%) 6.0 5.1 4.7 Bank return on assets (%, after tax) 0.5 1.7 2.4 Bank return on equity (%, after tax) 3.3 10.9 15.5 Efficiency—Financial Markets Stock market turnover ratio (%) 7.3 11.1 7.9 Stability—Financial Institutions Bank Z-score 11.3 10.3 11.3 Bank nonperforming loans to gross loans (%) 34.9 9.0 5.0 Bank regulatory capital to risk-weighted assets (%) 17.3 18.9 23.2 Stability—Financial Markets Stock price volatility .. 11.1 10.6 Other Indicators—Financial Institutions Bank concentration (%) 51.4 66.2 51.6 Boone indicator –0.07 –0.07 –0.09 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 1.5 1.4 1.3 Stock market return (%, year-on-year) .. 32.0 50.0 The Little Data Book on Financial Development  2015/2016 111 Kiribati East Asia & Pacific Lower middle income Gross domestic product ($ millions) data 169.0 Population (thousands) data 102.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. 201 Bank branches per 100,000 adults (age 15+) .. .. 5.9 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. .. .. Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) .. .. .. Bank return on assets (%, after tax) .. .. .. Bank return on equity (%, after tax) .. .. .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 112 2015/2016  The Little Data Book on Financial Development Korea, Dem. People's Rep East Asia & Pacific Low income Gross domestic product ($ millions) .. Population (millions) 24.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. .. .. Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. .. .. Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 3.0 .. .. Bank return on assets (%, after tax) 1.0 .. .. Bank return on equity (%, after tax) 10.3 .. .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 113 Korea, Rep. High income data Gross domestic product ($ billions) 1,304.6 Population (millions) data 50.2 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 81.3 94.3 111.8 Deposit money banks’ assets to GDP (%) 85.8 101.2 119.7 Nonbank financial institutions’ assets to GDP (%) 6.7 .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 43.6 73.3 88.5 Stock market total value traded to GDP (%) 112.0 158.2 144.3 Outstanding domestic private debt securities to GDP (%) 61.5 52.3 70.8 Outstanding domestic public debt securities to GDP (%) 14.9 24.7 33.9 Outstanding international debt securities to GDP (%) 8.6 10.0 13.5 Syndicated loan issuance volume to GDP (%) 0.6 2.1 1.3 Corporate bond issuance volume to GDP (%) 3.6 2.9 3.8 Syndicated loan average maturity (years) 3.9 9.4 9.3 Corporate bond average maturity (years) 3.7 3.4 5.9 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 16.9 18.8 18.3 Account at a formal financial institution (%, age 15+) .. .. 93.0 Saved at a financial institution in the past year (%, age 15+) .. .. 46.9 Loan from a financial institution in the past year (%, age 15+) .. .. 16.6 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) 39.9 .. .. Firms using banks to finance working capital (%) 41.2 .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 63.0 76.2 79.6 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 47.3 66.8 62.3 Nonfin. corporate bonds to total bonds and notes outstanding (%) 42.1 26.0 36.2 Efficiency—Financial Institutions Bank net interest margin (%) 2.3 1.7 2.7 Bank lending-deposit spread 2.0 1.3 1.8 Bank overhead costs to total assets (%) 1.2 1.1 2.0 Bank return on assets (%, after tax) 0.7 0.0 0.7 Bank return on equity (%, after tax) 15.6 0.8 7.2 Efficiency—Financial Markets Stock market turnover ratio (%) 230.0 199.7 139.9 Stability—Financial Institutions Bank Z-score 7.7 5.5 4.9 Bank nonperforming loans to gross loans (%) 2.6 0.6 0.6 Bank regulatory capital to risk-weighted assets (%) 11.1 12.3 14.5 Stability—Financial Markets Stock price volatility 32.0 26.0 16.1 Other Indicators—Financial Institutions Bank concentration (%) 100.0 51.0 50.6 Boone indicator 0.06 0.04 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 32.7 36.5 35.3 Stock market return (%, year-on-year) –10.2 –10.7 1.6 114 2015/2016  The Little Data Book on Financial Development Europe & Central Asia Kosovo Lower middle income Gross domestic product ($ billions) 7.1 Population (millions) 1.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 6.3 26.7 32.7 Deposit money banks’ assets to GDP (%) 6.3 26.7 32.8 Nonbank financial institutions’ assets to GDP (%) 3.0 4.3 4.8 Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 22.5 21.6 19.8 Account at a formal financial institution (%, age 15+) .. .. 44.3 Saved at a financial institution in the past year (%, age 15+) .. .. 4.9 Loan from a financial institution in the past year (%, age 15+) .. .. 6.1 Firms with bank loan/line of credit (%) .. 15.0 65.7 Firms using banks to finance investments (%) .. 25.3 33.3 Firms using banks to finance working capital (%) .. .. 55.5 Small firms with bank loan/line of credit (%) .. 12.0 58.6 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. .. .. Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) .. .. .. Bank return on assets (%, after tax) .. .. .. Bank return on equity (%, after tax) .. .. .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 115 Kuwait High income Gross domestic product ($ billions) data 175.8 Population (millions) 3.4 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 53.3 55.9 56.6 Deposit money banks’ assets to GDP (%) 75.4 60.8 59.8 Nonbank financial institutions’ assets to GDP (%) 15.0 11.8 5.3 Depth—Financial Markets Stock market capitalization to GDP (%) 94.5 106.2 56.7 Stock market total value traded to GDP (%) 77.9 85.8 12.7 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 1.1 1.7 0.9 Corporate bond issuance volume to GDP (%) .. 0.1 .. Syndicated loan average maturity (years) 0.8 4.4 10.9 Corporate bond average maturity (years) .. 5.0 .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 1,059 1,390 1,494 Bank branches per 100,000 adults (age 15+) 12.7 15.5 15.7 Account at a formal financial institution (%, age 15+) .. .. 86.8 Saved at a financial institution in the past year (%, age 15+) .. .. 40.3 Loan from a financial institution in the past year (%, age 15+) .. .. 20.8 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.4 3.2 3.0 Bank lending-deposit spread 3.0 2.8 2.9 Bank overhead costs to total assets (%) 1.0 1.1 1.1 Bank return on assets (%, after tax) 2.2 0.2 1.2 Bank return on equity (%, after tax) 20.4 1.9 8.5 Efficiency—Financial Markets Stock market turnover ratio (%) 116.6 78.4 23.3 Stability—Financial Institutions Bank Z-score 14.4 11.0 15.5 Bank nonperforming loans to gross loans (%) 6.1 6.8 3.6 Bank regulatory capital to risk-weighted assets (%) 18.4 15.6 18.9 Stability—Financial Markets Stock price volatility .. 12.2 9.4 Other Indicators—Financial Institutions Bank concentration (%) 87.1 90.5 88.5 Boone indicator –0.06 –0.08 –0.04 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 45.8 74.8 58.1 Stock market return (%, year-on-year) 78.1 13.6 24.5 116 2015/2016  The Little Data Book on Financial Development Europe & Central Asia Kyrgyz Republic Low income Gross domestic product ($ billions) 7.2 Population (millions) 5.7 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 4.2 11.3 .. Deposit money banks’ assets to GDP (%) 5.0 12.2 .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 1.0 2.2 2.4 Stock market total value traded to GDP (%) 1.0 2.6 0.1 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 5.9 .. .. Corporate bond issuance volume to GDP (%) .. 0.0 .. Syndicated loan average maturity (years) 4.3 .. .. Corporate bond average maturity (years) .. 2.0 .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 75 254 Bank branches per 100,000 adults (age 15+) 5.1 6.8 8.0 Account at a formal financial institution (%, age 15+) .. .. 3.8 Saved at a financial institution in the past year (%, age 15+) .. .. 0.9 Loan from a financial institution in the past year (%, age 15+) .. .. 11.3 Firms with bank loan/line of credit (%) .. 20.4 29.2 Firms using banks to finance investments (%) 4.1 17.9 18.5 Firms using banks to finance working capital (%) 16.7 .. 23.4 Small firms with bank loan/line of credit (%) .. 13.7 24.4 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 4.3 8.8 9.9 Bank lending-deposit spread 14.2 15.9 11.4 Bank overhead costs to total assets (%) 5.9 6.7 5.7 Bank return on assets (%, after tax) 1.7 2.7 3.6 Bank return on equity (%, after tax) 7.0 15.0 23.7 Efficiency—Financial Markets Stock market turnover ratio (%) 58.5 99.5 3.4 Stability—Financial Institutions Bank Z-score 29.0 23.6 21.4 Bank nonperforming loans to gross loans (%) .. 5.3 5.5 Bank regulatory capital to risk-weighted assets (%) .. 32.6 25.0 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 89.0 83.1 68.6 Boone indicator –0.02 –0.02 –0.02 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 3.4 1.5 3.2 Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 117 Lao PDR East Asia & Pacific Lower middle income Gross domestic product ($ billions) data 11.2 Population (millions) 6.8 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 6.7 8.2 .. Deposit money banks’ assets to GDP (%) 10.2 11.0 .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 5.9 11.1 6.5 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 6.0 16.0 19.9 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 43 343 Bank branches per 100,000 adults (age 15+) 1.6 2.1 2.7 Account at a formal financial institution (%, age 15+) .. .. 26.8 Saved at a financial institution in the past year (%, age 15+) .. .. 19.4 Loan from a financial institution in the past year (%, age 15+) .. .. 18.1 Firms with bank loan/line of credit (%) .. 18.6 32.6 Firms using banks to finance investments (%) .. 0.0 20.6 Firms using banks to finance working capital (%) .. 10.8 28.7 Small firms with bank loan/line of credit (%) .. 16.0 25.3 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.0 8.5 4.9 Bank lending-deposit spread 23.9 19.3 .. Bank overhead costs to total assets (%) 1.7 7.3 3.0 Bank return on assets (%, after tax) 3.8 –1.0 1.7 Bank return on equity (%, after tax) .. –12.6 20.3 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score –21.2 3.9 7.5 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. 16.7 Other Indicators—Financial Institutions Bank concentration (%) .. 90.3 95.3 Boone indicator .. 0.00 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. 30.3 118 2015/2016  The Little Data Book on Financial Development Europe & Central Asia Latvia Upper middle income Gross domestic product ($ billions) 31.0 Population (millions) 2.0 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 33.2 83.2 .. Deposit money banks’ assets to GDP (%) 37.4 87.6 .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 8.6 7.7 3.7 Stock market total value traded to GDP (%) 1.3 0.3 0.1 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 4.4 4.0 12.6 Syndicated loan issuance volume to GDP (%) 0.4 0.4 .. Corporate bond issuance volume to GDP (%) 0.0 0.0 .. Syndicated loan average maturity (years) 5.0 10.0 .. Corporate bond average maturity (years) 3.0 3.3 .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 924 1,200 1,365 Bank branches per 100,000 adults (age 15+) 30.9 35.2 21.4 Account at a formal financial institution (%, age 15+) .. .. 89.7 Saved at a financial institution in the past year (%, age 15+) .. .. 13.3 Loan from a financial institution in the past year (%, age 15+) .. .. 6.8 Firms with bank loan/line of credit (%) .. 48.5 20.0 Firms using banks to finance investments (%) 30.0 37.3 8.0 Firms using banks to finance working capital (%) 26.1 .. 11.1 Small firms with bank loan/line of credit (%) .. 40.2 16.0 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 1.7 3.4 2.8 Bank lending-deposit spread 2.4 5.5 5.8 Bank overhead costs to total assets (%) 2.1 1.9 1.9 Bank return on assets (%, after tax) 1.0 1.0 0.5 Bank return on equity (%, after tax) 11.3 9.0 5.6 Efficiency—Financial Markets Stock market turnover ratio (%) 15.1 1.6 3.0 Stability—Financial Institutions Bank Z-score 8.3 10.8 6.9 Bank nonperforming loans to gross loans (%) 1.4 2.1 6.4 Bank regulatory capital to risk-weighted assets (%) 11.7 11.0 18.1 Stability—Financial Markets Stock price volatility 19.0 19.3 11.9 Other Indicators—Financial Institutions Bank concentration (%) 95.1 57.6 100.0 Boone indicator –0.07 –0.08 –0.14 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 24.5 16.1 15.2 Stock market return (%, year-on-year) 22.5 –30.6 12.6 The Little Data Book on Financial Development  2015/2016 119 Lebanon Middle East & North Africa Upper middle income Gross domestic product ($ billions) data 44.4 Population (millions) 4.5 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. 63.8 89.0 Deposit money banks’ assets to GDP (%) .. 140.5 166.2 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. 31.7 23.8 Stock market total value traded to GDP (%) .. 2.5 1.1 Outstanding domestic private debt securities to GDP (%) .. 1.4 0.7 Outstanding domestic public debt securities to GDP (%) .. 77.6 79.5 Outstanding international debt securities to GDP (%) .. 66.9 80.5 Syndicated loan issuance volume to GDP (%) .. 0.5 .. Corporate bond issuance volume to GDP (%) .. .. 0.9 Syndicated loan average maturity (years) .. 7.0 .. Corporate bond average maturity (years) .. .. 5.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 764 830 832 Bank branches per 100,000 adults (age 15+) 30.8 29.4 30.0 Account at a formal financial institution (%, age 15+) .. .. 37.0 Saved at a financial institution in the past year (%, age 15+) .. .. 17.1 Loan from a financial institution in the past year (%, age 15+) .. .. 11.3 Firms with bank loan/line of credit (%) .. 69.4 57.3 Firms using banks to finance investments (%) .. 23.8 53.1 Firms using banks to finance working capital (%) .. 51.3 40.2 Small firms with bank loan/line of credit (%) .. 66.5 49.1 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.7 2.6 2.1 Bank lending-deposit spread 4.7 2.3 1.5 Bank overhead costs to total assets (%) 1.5 1.6 1.4 Bank return on assets (%, after tax) 0.6 1.0 0.9 Bank return on equity (%, after tax) 8.4 12.1 9.8 Efficiency—Financial Markets Stock market turnover ratio (%) .. 9.4 4.0 Stability—Financial Institutions Bank Z-score 36.6 43.7 46.3 Bank nonperforming loans to gross loans (%) 17.7 7.5 4.0 Bank regulatory capital to risk-weighted assets (%) 22.3 12.1 13.0 Stability—Financial Markets Stock price volatility 18.4 21.1 8.7 Other Indicators—Financial Institutions Bank concentration (%) 57.4 57.8 55.6 Boone indicator –0.05 –0.06 –0.04 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 3.5 2.6 2.3 Stock market return (%, year-on-year) 3.7 30.7 1.0 120 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Lesotho Lower middle income Gross domestic product ($ billions) 2.3 Population (millions) 2.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 10.2 9.7 18.3 Deposit money banks’ assets to GDP (%) 23.1 13.8 21.6 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 233 223 325 Bank branches per 100,000 adults (age 15+) 2.6 2.3 3.7 Account at a formal financial institution (%, age 15+) .. .. 18.5 Saved at a financial institution in the past year (%, age 15+) .. .. 7.9 Loan from a financial institution in the past year (%, age 15+) .. .. 3.0 Firms with bank loan/line of credit (%) .. 32.2 .. Firms using banks to finance investments (%) .. 32.7 .. Firms using banks to finance working capital (%) .. 31.9 .. Small firms with bank loan/line of credit (%) .. 21.5 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 8.3 9.0 8.2 Bank lending-deposit spread 10.9 8.5 7.1 Bank overhead costs to total assets (%) 7.0 6.7 5.6 Bank return on assets (%, after tax) 2.9 4.3 3.3 Bank return on equity (%, after tax) 33.0 53.1 32.0 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 13.8 13.8 15.2 Bank nonperforming loans to gross loans (%) 1.0 1.8 4.1 Bank regulatory capital to risk-weighted assets (%) 22.0 13.7 13.7 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 100.0 100.0 Boone indicator –0.03 0.00 –0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 121 Liberia Sub-Saharan Africa Low income Gross domestic product ($ billions) 2.0 data Population (millions) 4.3 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 4.7 10.7 16.7 Deposit money banks’ assets to GDP (%) 8.3 12.2 18.6 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 105.9 116.5 6.7 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 6.0 5.6 1.0 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. 1.6 3.9 Account at a formal financial institution (%, age 15+) .. .. 18.8 Saved at a financial institution in the past year (%, age 15+) .. .. 13.9 Loan from a financial institution in the past year (%, age 15+) .. .. 6.5 Firms with bank loan/line of credit (%) .. 14.0 .. Firms using banks to finance investments (%) .. 10.1 .. Firms using banks to finance working capital (%) .. 12.8 .. Small firms with bank loan/line of credit (%) .. 13.6 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.3 6.2 10.8 Bank lending-deposit spread 11.8 10.4 9.6 Bank overhead costs to total assets (%) 10.2 8.4 7.7 Bank return on assets (%, after tax) 0.0 2.0 0.4 Bank return on equity (%, after tax) 0.4 17.2 3.6 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 1.1 2.4 2.0 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. 0.00 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 122 2015/2016  The Little Data Book on Financial Development Middle East & North Africa Libya Upper middle income Gross domestic product ($ billions) 74.2 Population (millions) 6.2 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 11.6 5.6 12.8 Deposit money banks’ assets to GDP (%) 22.3 8.3 18.5 Nonbank financial institutions’ assets to GDP (%) 4.2 .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 0.2 .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 7.0 .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 681 636 893 Bank branches per 100,000 adults (age 15+) 9.2 11.1 11.7 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.6 3.2 1.9 Bank lending-deposit spread 4.0 3.5 3.5 Bank overhead costs to total assets (%) 1.9 0.6 0.2 Bank return on assets (%, after tax) 0.3 0.6 0.7 Bank return on equity (%, after tax) 3.9 8.4 5.4 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 30.5 34.3 62.4 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 73.2 86.0 98.5 Boone indicator –0.06 –0.06 –0.07 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 123 Liechtenstein High income Gross domestic product ($ billions) .. data Population (thousands) data 36.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. 6.1 .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. 4.1 7.6 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. .. .. Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. .. .. Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) .. .. .. Bank return on assets (%, after tax) .. .. .. Bank return on equity (%, after tax) .. .. .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 124 2015/2016  The Little Data Book on Financial Development Europe & Central Asia Lithuania Upper middle income Gross domestic product ($ billions) 45.9 Population (millions) 3.0 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 18.7 58.6 .. Deposit money banks’ assets to GDP (%) 24.2 62.0 .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 14.2 15.9 9.2 Stock market total value traded to GDP (%) 1.1 1.7 0.5 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 10.3 12.0 26.7 Syndicated loan issuance volume to GDP (%) 0.7 0.6 0.2 Corporate bond issuance volume to GDP (%) .. 0.1 0.6 Syndicated loan average maturity (years) 5.1 5.0 1.0 Corporate bond average maturity (years) .. 2.4 5.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 23.3 28.6 .. Account at a formal financial institution (%, age 15+) .. .. 73.8 Saved at a financial institution in the past year (%, age 15+) .. .. 20.5 Loan from a financial institution in the past year (%, age 15+) .. .. 5.6 Firms with bank loan/line of credit (%) .. 53.0 32.8 Firms using banks to finance investments (%) 24.8 47.4 28.0 Firms using banks to finance working capital (%) 28.1 .. 25.5 Small firms with bank loan/line of credit (%) .. 43.9 21.6 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.6 1.6 1.7 Bank lending-deposit spread 4.6 0.8 .. Bank overhead costs to total assets (%) 3.2 1.3 1.6 Bank return on assets (%, after tax) 0.1 –0.2 1.7 Bank return on equity (%, after tax) 1.5 2.0 81.6 Efficiency—Financial Markets Stock market turnover ratio (%) 7.5 6.5 4.4 Stability—Financial Institutions Bank Z-score 4.5 –0.2 1.9 Bank nonperforming loans to gross loans (%) 2.4 6.1 11.6 Bank regulatory capital to risk-weighted assets (%) 13.2 11.6 17.6 Stability—Financial Markets Stock price volatility 12.8 18.4 10.0 Other Indicators—Financial Institutions Bank concentration (%) 78.8 72.7 100.0 Boone indicator –0.06 0.14 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 14.1 12.8 11.0 Stock market return (%, year-on-year) 58.1 –26.8 19.4 The Little Data Book on Financial Development  2015/2016 125 Luxembourg High income Gross domestic product ($ billions) data 60.1 Population (thousands) data 543.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 99.5 191.7 161.6 Deposit money banks’ assets to GDP (%) 104.0 197.7 169.6 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 115.0 225.3 118.4 Stock market total value traded to GDP (%) 1.0 1.7 0.2 Outstanding domestic private debt securities to GDP (%) .. 2.6 3.2 Outstanding domestic public debt securities to GDP (%) 2.1 0.0 0.0 Outstanding international debt securities to GDP (%) 169.3 177.8 156.1 Syndicated loan issuance volume to GDP (%) 17.9 12.3 11.7 Corporate bond issuance volume to GDP (%) 12.3 5.7 9.6 Syndicated loan average maturity (years) 4.6 2.4 5.4 Corporate bond average maturity (years) 8.0 7.3 9.4 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 111.0 94.6 83.4 Account at a formal financial institution (%, age 15+) .. .. 94.6 Saved at a financial institution in the past year (%, age 15+) .. .. 52.0 Loan from a financial institution in the past year (%, age 15+) .. .. 17.4 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 11.2 0.7 17.1 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 9.9 4.8 4.7 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 0.6 0.9 0.7 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 0.6 0.6 0.6 Bank return on assets (%, after tax) 0.5 0.2 0.4 Bank return on equity (%, after tax) 12.8 8.9 6.8 Efficiency—Financial Markets Stock market turnover ratio (%) 0.8 1.3 0.2 Stability—Financial Institutions Bank Z-score 24.3 22.1 33.2 Bank nonperforming loans to gross loans (%) 0.5 0.6 0.2 Bank regulatory capital to risk-weighted assets (%) 17.1 15.4 20.9 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 35.0 29.7 52.3 Boone indicator –0.05 –0.06 –0.03 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 93.0 69.6 54.6 Stock market return (%, year-on-year) .. .. .. 126 2015/2016  The Little Data Book on Financial Development Macao SAR, China High income Gross domestic product ($ billions) 51.8 Population (thousands) 566.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 50.4 48.8 55.0 Deposit money banks’ assets to GDP (%) 53.5 50.0 55.0 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 3.9 2.8 2.7 Corporate bond issuance volume to GDP (%) 5.1 2.1 3.8 Syndicated loan average maturity (years) 6.9 4.5 5.0 Corporate bond average maturity (years) 6.2 8.0 7.5 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 35.6 36.7 38.1 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.2 2.2 1.5 Bank lending-deposit spread 5.7 4.3 5.2 Bank overhead costs to total assets (%) 1.7 1.5 0.8 Bank return on assets (%, after tax) 0.9 1.1 0.9 Bank return on equity (%, after tax) 7.5 14.1 10.7 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 47.7 36.8 35.0 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 93.3 82.1 86.5 Boone indicator –0.03 –0.02 –0.02 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 127 Macedonia, FYR Europe & Central Asia Upper middle income Gross domestic product ($ billions) data 10.2 Population (millions) 2.1 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 17.5 37.2 47.8 Deposit money banks’ assets to GDP (%) 20.6 40.1 55.5 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 6.1 19.6 5.8 Stock market total value traded to GDP (%) 0.5 3.6 0.4 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 5.0 4.0 3.2 Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 17.0 23.8 24.3 Account at a formal financial institution (%, age 15+) .. .. 73.7 Saved at a financial institution in the past year (%, age 15+) .. .. 7.8 Loan from a financial institution in the past year (%, age 15+) .. .. 10.6 Firms with bank loan/line of credit (%) .. 61.1 45.0 Firms using banks to finance investments (%) 9.8 47.0 20.6 Firms using banks to finance working capital (%) 8.9 .. 38.2 Small firms with bank loan/line of credit (%) .. 58.2 40.6 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 5.3 5.1 4.4 Bank lending-deposit spread 8.0 3.8 3.6 Bank overhead costs to total assets (%) 5.5 3.5 3.1 Bank return on assets (%, after tax) 1.9 1.3 1.1 Bank return on equity (%, after tax) 8.5 9.6 8.9 Efficiency—Financial Markets Stock market turnover ratio (%) 3.8 8.1 5.6 Stability—Financial Institutions Bank Z-score 23.3 14.5 14.0 Bank nonperforming loans to gross loans (%) 22.4 6.7 10.9 Bank regulatory capital to risk-weighted assets (%) 25.8 16.2 16.8 Stability—Financial Markets Stock price volatility .. 23.5 15.4 Other Indicators—Financial Institutions Bank concentration (%) 77.1 72.5 69.6 Boone indicator –0.08 –0.08 –0.08 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 47.1 18.1 15.2 Stock market return (%, year-on-year) .. –42.5 17.3 128 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Madagascar Low income Gross domestic product ($ billions) 10.6 Population (millions) 22.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 7.9 9.9 11.0 Deposit money banks’ assets to GDP (%) 12.7 12.0 14.6 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 6.3 .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 16.0 .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 19 37 61 Bank branches per 100,000 adults (age 15+) 1.1 1.3 1.7 Account at a formal financial institution (%, age 15+) .. .. 5.5 Saved at a financial institution in the past year (%, age 15+) .. .. 1.4 Loan from a financial institution in the past year (%, age 15+) .. .. 2.3 Firms with bank loan/line of credit (%) .. 20.6 14.5 Firms using banks to finance investments (%) .. 12.2 13.0 Firms using banks to finance working capital (%) .. 20.2 19.1 Small firms with bank loan/line of credit (%) .. 15.1 3.8 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 9.1 6.7 6.4 Bank lending-deposit spread 12.8 33.5 49.3 Bank overhead costs to total assets (%) 4.5 4.1 5.1 Bank return on assets (%, after tax) 2.6 2.7 2.4 Bank return on equity (%, after tax) 29.8 28.7 24.8 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 13.5 13.4 14.2 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 87.0 89.7 93.3 Boone indicator –0.02 –0.03 –0.01 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 129 Malawi Sub-Saharan Africa Low income Gross domestic product ($ billions) 3.7 data Population (millions) data 16.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 2.7 6.7 12.4 Deposit money banks’ assets to GDP (%) 5.7 10.5 16.0 Nonbank financial institutions’ assets to GDP (%) 2.7 2.9 .. Depth—Financial Markets Stock market capitalization to GDP (%) 4.4 31.2 19.4 Stock market total value traded to GDP (%) 0.3 1.1 0.6 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 0.7 .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 3.8 .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 159 245 Bank branches per 100,000 adults (age 15+) 1.0 2.1 3.3 Account at a formal financial institution (%, age 15+) .. .. 16.5 Saved at a financial institution in the past year (%, age 15+) .. .. 8.2 Loan from a financial institution in the past year (%, age 15+) .. .. 9.2 Firms with bank loan/line of credit (%) .. 40.1 .. Firms using banks to finance investments (%) .. 20.6 .. Firms using banks to finance working capital (%) .. 31.0 .. Small firms with bank loan/line of credit (%) .. 27.7 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 15.9 15.1 12.6 Bank lending-deposit spread 23.8 21.8 27.6 Bank overhead costs to total assets (%) 11.2 15.8 8.4 Bank return on assets (%, after tax) 3.8 5.5 6.9 Bank return on equity (%, after tax) 26.1 41.4 49.8 Efficiency—Financial Markets Stock market turnover ratio (%) 5.4 1.3 2.0 Stability—Financial Institutions Bank Z-score 9.5 10.8 11.3 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 94.5 87.5 Boone indicator –0.14 –0.21 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 0.7 1.1 0.9 Stock market return (%, year-on-year) .. .. .. 130 2015/2016  The Little Data Book on Financial Development East Asia & Pacific Malaysia Upper middle income Gross domestic product ($ billions) 313.2 Population (millions) 29.7 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 115.1 93.7 117.9 Deposit money banks’ assets to GDP (%) 123.5 101.2 132.2 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 132.9 116.0 142.1 Stock market total value traded to GDP (%) 35.4 53.2 41.3 Outstanding domestic private debt securities to GDP (%) 35.8 54.5 61.4 Outstanding domestic public debt securities to GDP (%) 33.8 32.1 47.0 Outstanding international debt securities to GDP (%) 20.8 14.4 16.6 Syndicated loan issuance volume to GDP (%) 3.7 2.8 3.4 Corporate bond issuance volume to GDP (%) 3.3 2.1 5.5 Syndicated loan average maturity (years) 4.0 6.2 5.4 Corporate bond average maturity (years) 7.9 6.7 7.6 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 13.9 11.2 11.3 Account at a formal financial institution (%, age 15+) .. .. 66.2 Saved at a financial institution in the past year (%, age 15+) .. .. 35.4 Loan from a financial institution in the past year (%, age 15+) .. .. 11.2 Firms with bank loan/line of credit (%) .. 60.4 .. Firms using banks to finance investments (%) .. 48.6 .. Firms using banks to finance working capital (%) .. 49.3 .. Small firms with bank loan/line of credit (%) .. 57.2 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 93.1 59.0 56.5 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 66.9 63.4 63.8 Nonfin. corporate bonds to total bonds and notes outstanding (%) 41.3 36.3 36.8 Efficiency—Financial Institutions Bank net interest margin (%) 3.4 1.4 0.6 Bank lending-deposit spread 3.2 3.0 1.6 Bank overhead costs to total assets (%) 0.9 0.2 0.5 Bank return on assets (%, after tax) 1.4 1.2 0.3 Bank return on equity (%, after tax) 16.6 17.6 1.0 Efficiency—Financial Markets Stock market turnover ratio (%) 34.2 31.8 28.7 Stability—Financial Institutions Bank Z-score 4.9 4.4 8.1 Bank nonperforming loans to gross loans (%) 13.9 4.8 1.8 Bank regulatory capital to risk-weighted assets (%) 13.8 16.1 14.6 Stability—Financial Markets Stock price volatility 13.0 19.0 8.6 Other Indicators—Financial Institutions Bank concentration (%) 100.0 68.5 71.0 Boone indicator –0.11 0.00 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 36.0 35.8 31.5 Stock market return (%, year-on-year) –0.8 –12.6 8.8 The Little Data Book on Financial Development  2015/2016 131 Maldives South Asia Upper middle income Gross domestic product ($ billions) 2.3 data Population (thousands) data 345.0 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 18.1 60.1 41.1 Deposit money banks’ assets to GDP (%) 19.4 68.0 58.6 Nonbank financial institutions’ assets to GDP (%) 1.9 4.9 18.9 Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. 5.0 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. 4.9 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 709 1,056 1,328 Bank branches per 100,000 adults (age 15+) 13.8 16.7 16.2 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. 6.7 10.0 Bank lending-deposit spread 6.5 6.5 7.3 Bank overhead costs to total assets (%) .. 2.1 2.9 Bank return on assets (%, after tax) .. 2.9 5.8 Bank return on equity (%, after tax) .. 21.9 42.9 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. 6.9 8.7 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 132 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Mali Low income Gross domestic product ($ billions) 10.9 Population (millions) 15.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 18.2 17.0 20.6 Deposit money banks’ assets to GDP (%) 19.0 18.8 23.1 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 9.5 1.3 .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 0.7 0.9 .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 58 96 157 Bank branches per 100,000 adults (age 15+) 2.6 3.0 5.5 Account at a formal financial institution (%, age 15+) .. .. 8.2 Saved at a financial institution in the past year (%, age 15+) .. .. 4.5 Loan from a financial institution in the past year (%, age 15+) .. .. 3.7 Firms with bank loan/line of credit (%) .. 10.0 .. Firms using banks to finance investments (%) .. 7.0 .. Firms using banks to finance working capital (%) .. 6.7 .. Small firms with bank loan/line of credit (%) .. 5.8 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.0 6.9 4.7 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 4.9 6.0 5.1 Bank return on assets (%, after tax) 1.0 2.1 1.6 Bank return on equity (%, after tax) 8.1 17.5 14.3 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 18.5 18.7 17.1 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 84.0 68.2 92.3 Boone indicator –0.08 –0.08 –0.05 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 133 Malta High income Gross domestic product ($ billions) 9.6 data Population (thousands) data 423.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 103.6 113.8 119.8 Deposit money banks’ assets to GDP (%) 135.7 136.0 148.3 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 33.2 56.0 38.2 Stock market total value traded to GDP (%) 1.0 1.0 0.5 Outstanding domestic private debt securities to GDP (%) 17.3 14.1 7.3 Outstanding domestic public debt securities to GDP (%) 63.3 55.4 62.7 Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 38.7 7.7 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 2.9 4.6 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 911 1,172 Bank branches per 100,000 adults (age 15+) 38.8 40.0 38.8 Account at a formal financial institution (%, age 15+) .. .. 95.3 Saved at a financial institution in the past year (%, age 15+) .. .. 44.8 Loan from a financial institution in the past year (%, age 15+) .. .. 10.0 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 14.2 4.3 6.6 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 1.7 5.6 7.8 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.5 3.6 2.0 Bank lending-deposit spread 2.4 2.6 .. Bank overhead costs to total assets (%) 0.3 25.0 2.0 Bank return on assets (%, after tax) 10.0 –14.8 0.1 Bank return on equity (%, after tax) 78.2 –34.0 1.7 Efficiency—Financial Markets Stock market turnover ratio (%) 2.5 1.5 1.3 Stability—Financial Institutions Bank Z-score 4.4 2.6 0.8 Bank nonperforming loans to gross loans (%) 6.5 5.5 9.2 Bank regulatory capital to risk-weighted assets (%) 21.3 11.5 14.9 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 93.5 99.5 100.0 Boone indicator –0.07 –0.06 –0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 32.6 46.4 47.7 Stock market return (%, year-on-year) .. .. .. 134 2015/2016  The Little Data Book on Financial Development East Asia & Pacific Marshall Islands Lower middle income Gross domestic product ($ millions) 190.9 Population (thousands) 52.6 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 27.8 861.4 394.3 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 11.5 13.5 8.4 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 11.9 17.3 19.6 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. .. .. Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) .. .. .. Bank return on assets (%, after tax) .. .. .. Bank return on equity (%, after tax) .. .. .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 135 Mauritania Sub-Saharan Africa Lower middle income Gross domestic product ($ billions) 4.2 data Population (millions) 3.9 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. 24.4 27.5 Deposit money banks’ assets to GDP (%) .. 29.3 31.5 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 31.6 .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 13.0 .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 35 66 Bank branches per 100,000 adults (age 15+) .. 4.1 4.6 Account at a formal financial institution (%, age 15+) .. .. 17.5 Saved at a financial institution in the past year (%, age 15+) .. .. 6.4 Loan from a financial institution in the past year (%, age 15+) .. .. 7.9 Firms with bank loan/line of credit (%) .. 16.0 .. Firms using banks to finance investments (%) .. 3.2 .. Firms using banks to finance working capital (%) .. 13.5 .. Small firms with bank loan/line of credit (%) .. 12.1 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 7.4 2.5 4.3 Bank lending-deposit spread 13.0 12.3 11.2 Bank overhead costs to total assets (%) 5.7 2.8 3.6 Bank return on assets (%, after tax) 2.3 0.1 0.9 Bank return on equity (%, after tax) 12.0 3.3 5.0 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 29.6 25.1 27.2 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 72.1 90.4 72.3 Boone indicator –0.02 –0.02 0.03 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 136 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Mauritius Upper middle income Gross domestic product ($ billions) 11.9 Population (millions) 1.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 61.0 76.9 101.5 Deposit money banks’ assets to GDP (%) 83.4 98.6 119.5 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 30.1 51.7 63.3 Stock market total value traded to GDP (%) 1.4 4.3 3.5 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. 8.7 2.1 Syndicated loan issuance volume to GDP (%) 1.7 0.1 18.9 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 15.0 4.0 4.4 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 17.8 19.0 21.6 Account at a formal financial institution (%, age 15+) .. .. 80.1 Saved at a financial institution in the past year (%, age 15+) .. .. 30.8 Loan from a financial institution in the past year (%, age 15+) .. .. 14.3 Firms with bank loan/line of credit (%) .. 47.4 .. Firms using banks to finance investments (%) .. 37.5 .. Firms using banks to finance working capital (%) .. 39.5 .. Small firms with bank loan/line of credit (%) .. 41.0 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 14.9 12.3 16.6 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 14.6 39.3 40.2 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.9 3.0 2.4 Bank lending-deposit spread 11.5 1.4 1.7 Bank overhead costs to total assets (%) 7.1 4.2 2.1 Bank return on assets (%, after tax) 1.3 1.5 0.6 Bank return on equity (%, after tax) 3.7 11.4 3.5 Efficiency—Financial Markets Stock market turnover ratio (%) 5.9 8.1 4.1 Stability—Financial Institutions Bank Z-score 28.5 13.0 14.7 Bank nonperforming loans to gross loans (%) .. 2.0 4.2 Bank regulatory capital to risk-weighted assets (%) .. 15.3 17.3 Stability—Financial Markets Stock price volatility 8.9 22.8 4.7 Other Indicators—Financial Institutions Bank concentration (%) 71.6 70.6 57.5 Boone indicator –0.04 –0.03 –0.02 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 33.0 71.5 69.3 Stock market return (%, year-on-year) 28.8 14.8 9.5 The Little Data Book on Financial Development  2015/2016 137 Mexico Latin America & Caribbean Upper middle income data Gross domestic product ($ billions) 1,260.9 Population (millions) data 122.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 13.2 16.8 21.0 Deposit money banks’ assets to GDP (%) 25.8 30.1 38.1 Nonbank financial institutions’ assets to GDP (%) 9.3 14.5 26.0 Depth—Financial Markets Stock market capitalization to GDP (%) 15.0 28.5 38.2 Stock market total value traded to GDP (%) 3.4 10.1 9.4 Outstanding domestic private debt securities to GDP (%) 11.0 13.6 17.0 Outstanding domestic public debt securities to GDP (%) 14.5 16.4 29.0 Outstanding international debt securities to GDP (%) 11.0 7.8 12.8 Syndicated loan issuance volume to GDP (%) 1.2 1.6 1.9 Corporate bond issuance volume to GDP (%) 1.4 0.7 3.0 Syndicated loan average maturity (years) 4.1 6.4 5.0 Corporate bond average maturity (years) 8.4 9.6 10.8 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 10.6 13.1 15.3 Account at a formal financial institution (%, age 15+) .. .. 27.4 Saved at a financial institution in the past year (%, age 15+) .. .. 6.7 Loan from a financial institution in the past year (%, age 15+) .. .. 7.6 Firms with bank loan/line of credit (%) .. 32.0 .. Firms using banks to finance investments (%) .. 16.2 .. Firms using banks to finance working capital (%) .. 26.9 .. Small firms with bank loan/line of credit (%) .. 26.8 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 23.7 27.4 44.8 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 39.4 30.5 44.4 Nonfin. corporate bonds to total bonds and notes outstanding (%) 9.6 8.6 7.8 Efficiency—Financial Institutions Bank net interest margin (%) 4.8 4.9 2.7 Bank lending-deposit spread 3.9 5.7 2.9 Bank overhead costs to total assets (%) 2.6 3.4 2.7 Bank return on assets (%, after tax) 0.2 0.7 0.6 Bank return on equity (%, after tax) 2.1 5.6 7.7 Efficiency—Financial Markets Stock market turnover ratio (%) 22.0 34.6 26.0 Stability—Financial Institutions Bank Z-score 19.5 19.7 15.2 Bank nonperforming loans to gross loans (%) 3.2 3.0 3.2 Bank regulatory capital to risk-weighted assets (%) 14.2 15.3 15.6 Stability—Financial Markets Stock price volatility 20.4 25.0 13.9 Other Indicators—Financial Institutions Bank concentration (%) 75.6 60.7 56.5 Boone indicator –0.06 –0.01 –0.07 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 1.5 1.1 1.1 Stock market return (%, year-on-year) 8.8 –9.9 5.6 138 2015/2016  The Little Data Book on Financial Development East Asia & Pacific Micronesia, Fed. Sts. Lower middle income Gross domestic product ($ millions) 316.2 Population (thousands) 103.5 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 12.3 12.3 15.1 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 43.0 .. Firms using banks to finance investments (%) .. 7.2 .. Firms using banks to finance working capital (%) .. 19.4 .. Small firms with bank loan/line of credit (%) .. 29.5 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.3 5.9 7.6 Bank lending-deposit spread 14.0 11.9 14.3 Bank overhead costs to total assets (%) 3.2 4.5 3.8 Bank return on assets (%, after tax) 0.4 1.4 1.2 Bank return on equity (%, after tax) 2.5 7.2 7.3 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 20.2 27.6 23.5 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 139 Moldova Europe & Central Asia Lower middle income Gross domestic product ($ billions) 8.0 data Population (millions) 3.6 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 17.1 34.5 36.4 Deposit money banks’ assets to GDP (%) 21.2 37.5 42.2 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) 1.3 2.3 .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 5.0 .. .. Syndicated loan issuance volume to GDP (%) .. 0.6 0.8 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. 5.4 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 789 1,097 1,343 Bank branches per 100,000 adults (age 15+) 7.3 10.7 12.0 Account at a formal financial institution (%, age 15+) .. .. 18.1 Saved at a financial institution in the past year (%, age 15+) .. .. 3.5 Loan from a financial institution in the past year (%, age 15+) .. .. 6.4 Firms with bank loan/line of credit (%) .. 39.6 25.4 Firms using banks to finance investments (%) 34.3 30.8 19.7 Firms using banks to finance working capital (%) 27.4 .. 26.0 Small firms with bank loan/line of credit (%) .. 30.9 18.1 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 10.7 7.1 4.9 Bank lending-deposit spread 6.7 3.1 5.1 Bank overhead costs to total assets (%) 7.5 4.8 4.0 Bank return on assets (%, after tax) 4.8 2.5 1.2 Bank return on equity (%, after tax) 20.9 13.6 6.6 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 7.4 6.4 5.4 Bank nonperforming loans to gross loans (%) 6.4 5.2 11.6 Bank regulatory capital to risk-weighted assets (%) 31.6 32.2 23.4 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 69.0 75.5 Boone indicator –0.09 –0.07 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 140 2015/2016  The Little Data Book on Financial Development Monaco High income Gross domestic product ($ billions) 6.1 Population (thousands) 37.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 3.1 2.3 8.6 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 7.5 8.5 6.9 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. .. .. Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 1.1 .. .. Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 1.8 .. .. Bank return on assets (%, after tax) –0.0 .. .. Bank return on equity (%, after tax) –0.4 .. .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 15.2 .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 .. .. Boone indicator –0.05 .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 141 Mongolia East Asia & Pacific Lower middle income Gross domestic product ($ billions) data 11.5 Population (millions) 2.8 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 18.4 37.9 53.5 Deposit money banks’ assets to GDP (%) 21.2 38.6 60.7 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 2.3 9.9 13.9 Stock market total value traded to GDP (%) 0.1 1.0 0.4 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 1.2 0.2 3.5 Corporate bond issuance volume to GDP (%) .. .. 0.2 Syndicated loan average maturity (years) 1.0 5.0 5.5 Corporate bond average maturity (years) .. .. 5.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 299 1,238 3,183 Bank branches per 100,000 adults (age 15+) 40.0 57.2 72.0 Account at a formal financial institution (%, age 15+) .. .. 77.7 Saved at a financial institution in the past year (%, age 15+) .. .. 23.2 Loan from a financial institution in the past year (%, age 15+) .. .. 24.8 Firms with bank loan/line of credit (%) .. 52.9 49.9 Firms using banks to finance investments (%) .. 26.5 24.6 Firms using banks to finance working capital (%) .. .. 46.3 Small firms with bank loan/line of credit (%) .. 51.8 44.0 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 8.8 2.8 4.3 Bank lending-deposit spread 17.9 9.2 6.4 Bank overhead costs to total assets (%) 4.4 1.8 3.2 Bank return on assets (%, after tax) 0.9 0.5 0.6 Bank return on equity (%, after tax) 10.7 4.6 7.8 Efficiency—Financial Markets Stock market turnover ratio (%) 2.2 9.3 2.9 Stability—Financial Institutions Bank Z-score 20.4 36.6 19.7 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility 121.4 55.9 17.3 Other Indicators—Financial Institutions Bank concentration (%) 100.0 96.9 100.0 Boone indicator –0.09 –0.04 –0.13 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 162.8 142.8 117.6 Stock market return (%, year-on-year) –31.5 50.7 –20.7 142 2015/2016  The Little Data Book on Financial Development Europe & Central Asia Montenegro Upper middle income Gross domestic product ($ billions) 4.4 Population (thousands) 621.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. 78.9 53.3 Deposit money banks’ assets to GDP (%) .. 81.1 61.4 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. 76.4 85.8 Stock market total value traded to GDP (%) .. 5.8 1.4 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 6.4 .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 4.6 .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 21.0 41.7 42.5 Account at a formal financial institution (%, age 15+) .. .. 50.4 Saved at a financial institution in the past year (%, age 15+) .. .. 3.4 Loan from a financial institution in the past year (%, age 15+) .. .. 21.8 Firms with bank loan/line of credit (%) .. 49.6 54.6 Firms using banks to finance investments (%) .. 75.8 29.5 Firms using banks to finance working capital (%) .. .. 43.8 Small firms with bank loan/line of credit (%) .. 46.4 50.8 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 14.5 3.3 5.2 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 12.6 2.9 4.2 Bank return on assets (%, after tax) 3.4 –0.4 1.1 Bank return on equity (%, after tax) 16.6 –5.7 8.2 Efficiency—Financial Markets Stock market turnover ratio (%) .. 3.0 1.2 Stability—Financial Institutions Bank Z-score 14.5 4.5 8.6 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility 26.4 33.7 15.3 Other Indicators—Financial Institutions Bank concentration (%) 82.4 85.9 68.1 Boone indicator –0.02 0.02 –0.02 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 16.3 40.4 53.1 Stock market return (%, year-on-year) 77.0 –46.3 4.8 The Little Data Book on Financial Development  2015/2016 143 Morocco Middle East & North Africa Lower middle income Gross domestic product ($ billions) data 103.8 Population (millions) data 33.0 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 46.8 68.8 69.9 Deposit money banks’ assets to GDP (%) 64.7 82.6 92.9 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 23.1 82.5 56.8 Stock market total value traded to GDP (%) 1.4 28.2 4.9 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 0.8 1.2 3.8 Syndicated loan issuance volume to GDP (%) 0.3 0.3 2.1 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 14.0 4.6 15.1 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 10.0 14.3 24.4 Account at a formal financial institution (%, age 15+) .. .. 39.1 Saved at a financial institution in the past year (%, age 15+) .. .. 12.2 Loan from a financial institution in the past year (%, age 15+) .. .. 4.3 Firms with bank loan/line of credit (%) .. 33.4 .. Firms using banks to finance investments (%) .. 12.3 .. Firms using banks to finance working capital (%) .. 30.2 .. Small firms with bank loan/line of credit (%) .. 20.0 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. 27.0 28.4 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. 27.8 29.8 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.8 3.2 2.7 Bank lending-deposit spread 8.8 .. .. Bank overhead costs to total assets (%) 2.2 2.4 1.9 Bank return on assets (%, after tax) 0.7 1.3 1.2 Bank return on equity (%, after tax) 8.6 16.4 12.2 Efficiency—Financial Markets Stock market turnover ratio (%) 6.0 29.9 6.4 Stability—Financial Institutions Bank Z-score 17.9 18.7 22.3 Bank nonperforming loans to gross loans (%) 18.7 6.0 5.9 Bank regulatory capital to risk-weighted assets (%) 9.6 11.2 13.3 Stability—Financial Markets Stock price volatility 10.3 15.4 10.5 Other Indicators—Financial Institutions Bank concentration (%) 100.0 88.5 99.3 Boone indicator –0.01 –0.02 –0.02 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 1.8 2.5 2.3 Stock market return (%, year-on-year) 10.4 13.0 –11.9 144 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Mozambique Low income Gross domestic product ($ billions) 15.6 Population (millions) 25.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 11.5 14.9 25.6 Deposit money banks’ assets to GDP (%) 16.8 23.3 38.4 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 0.8 0.8 0.5 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 10.8 3.7 13.3 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 1.8 2.5 3.9 Account at a formal financial institution (%, age 15+) .. .. 39.9 Saved at a financial institution in the past year (%, age 15+) .. .. 17.5 Loan from a financial institution in the past year (%, age 15+) .. .. 5.9 Firms with bank loan/line of credit (%) .. 14.2 .. Firms using banks to finance investments (%) .. 10.5 .. Firms using banks to finance working capital (%) .. 8.5 .. Small firms with bank loan/line of credit (%) .. 6.5 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 7.1 8.8 6.4 Bank lending-deposit spread 12.5 7.3 6.5 Bank overhead costs to total assets (%) 6.7 8.1 7.6 Bank return on assets (%, after tax) 1.6 2.5 0.7 Bank return on equity (%, after tax) 17.1 25.3 4.9 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 1.5 1.8 1.9 Bank nonperforming loans to gross loans (%) 14.4 1.9 3.0 Bank regulatory capital to risk-weighted assets (%) 17.0 13.9 15.1 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 88.9 78.0 Boone indicator 0.16 0.12 0.08 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 145 Myanmar East Asia & Pacific Low income Gross domestic product ($ millions) data.. Population (millions) 53.3 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 6.2 .. .. Deposit money banks’ assets to GDP (%) 8.4 .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. 159 Bank branches per 100,000 adults (age 15+) 1.7 1.4 2.6 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 0.9 1.8 3.9 Bank lending-deposit spread 5.5 5.0 5.0 Bank overhead costs to total assets (%) 0.1 0.6 0.1 Bank return on assets (%, after tax) 0.1 0.0 0.2 Bank return on equity (%, after tax) 29.9 0.9 17.9 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 1.3 0.6 0.4 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 100.0 97.1 Boone indicator –0.05 –0.02 .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 146 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Namibia Upper middle income Gross domestic product ($ billions) 13.1 Population (millions) 2.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 42.5 44.7 44.2 Deposit money banks’ assets to GDP (%) 47.2 49.5 50.8 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 5.6 7.3 8.9 Stock market total value traded to GDP (%) 0.0 0.2 0.1 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. 3.7 Syndicated loan issuance volume to GDP (%) .. 2.3 .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 99 153 734 Bank branches per 100,000 adults (age 15+) 10.7 12.5 12.7 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 24.0 .. Firms using banks to finance investments (%) .. 8.1 .. Firms using banks to finance working capital (%) .. 19.6 .. Small firms with bank loan/line of credit (%) .. 23.6 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 11.5 4.6 3.8 Bank lending-deposit spread 5.9 5.4 4.3 Bank overhead costs to total assets (%) 4.1 3.9 4.1 Bank return on assets (%, after tax) –2.2 2.0 1.4 Bank return on equity (%, after tax) –3.7 15.8 14.4 Efficiency—Financial Markets Stock market turnover ratio (%) 0.6 3.0 1.8 Stability—Financial Institutions Bank Z-score 21.9 6.7 4.6 Bank nonperforming loans to gross loans (%) 3.9 3.1 1.3 Bank regulatory capital to risk-weighted assets (%) 14.8 15.5 14.4 Stability—Financial Markets Stock price volatility 16.3 29.6 17.4 Other Indicators—Financial Institutions Bank concentration (%) 100.0 100.0 100.0 Boone indicator –0.01 –0.02 0.01 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 6.6 3.3 3.1 Stock market return (%, year-on-year) 7.9 –13.3 6.0 The Little Data Book on Financial Development  2015/2016 147 Nepal South Asia Low income Gross domestic product ($ billions) data 19.3 Population (millions) data 27.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 25.1 36.4 53.8 Deposit money banks’ assets to GDP (%) 34.2 45.4 64.3 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 7.1 41.3 20.1 Stock market total value traded to GDP (%) 0.4 2.5 0.3 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. 0.6 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. 15.0 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 317 .. Bank branches per 100,000 adults (age 15+) 2.6 3.6 8.6 Account at a formal financial institution (%, age 15+) .. .. 25.3 Saved at a financial institution in the past year (%, age 15+) .. .. 9.9 Loan from a financial institution in the past year (%, age 15+) .. .. 10.8 Firms with bank loan/line of credit (%) .. 39.1 35.0 Firms using banks to finance investments (%) .. 17.5 17.0 Firms using banks to finance working capital (%) .. 32.1 13.7 Small firms with bank loan/line of credit (%) .. 36.3 33.6 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.9 3.8 4.4 Bank lending-deposit spread 4.4 5.6 .. Bank overhead costs to total assets (%) 6.7 2.2 2.2 Bank return on assets (%, after tax) –3.0 2.2 1.6 Bank return on equity (%, after tax) 18.6 26.5 18.9 Efficiency—Financial Markets Stock market turnover ratio (%) 6.4 7.1 1.3 Stability—Financial Institutions Bank Z-score –13.1 1.3 7.4 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 57.0 36.0 26.9 Boone indicator 0.02 –0.02 –0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 3.0 5.7 7.9 Stock market return (%, year-on-year) .. .. .. 148 2015/2016  The Little Data Book on Financial Development Netherlands High income Gross domestic product ($ billions) 853.5 Population (millions) 16.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 144.0 189.3 195.9 Deposit money banks’ assets to GDP (%) 156.1 199.3 212.6 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 85.8 77.1 73.3 Stock market total value traded to GDP (%) 95.9 167.5 58.4 Outstanding domestic private debt securities to GDP (%) 59.3 70.6 71.8 Outstanding domestic public debt securities to GDP (%) 46.2 40.9 47.9 Outstanding international debt securities to GDP (%) 91.7 124.9 182.3 Syndicated loan issuance volume to GDP (%) 6.1 6.1 6.5 Corporate bond issuance volume to GDP (%) 2.1 2.2 3.5 Syndicated loan average maturity (years) 3.8 5.7 4.3 Corporate bond average maturity (years) 7.8 9.0 11.4 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 33.7 27.6 17.4 Account at a formal financial institution (%, age 15+) .. .. 98.7 Saved at a financial institution in the past year (%, age 15+) .. .. 57.8 Loan from a financial institution in the past year (%, age 15+) .. .. 12.6 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 1.0 0.6 1.4 Bank lending-deposit spread 0.5 0.2 .. Bank overhead costs to total assets (%) 1.2 1.0 0.8 Bank return on assets (%, after tax) 0.2 –0.7 0.2 Bank return on equity (%, after tax) 3.8 –23.1 7.0 Efficiency—Financial Markets Stock market turnover ratio (%) 108.2 159.2 73.1 Stability—Financial Institutions Bank Z-score 13.1 2.9 6.1 Bank nonperforming loans to gross loans (%) 2.0 1.7 3.2 Bank regulatory capital to risk-weighted assets (%) 12.3 11.9 14.9 Stability—Financial Markets Stock price volatility 39.6 23.0 16.0 Other Indicators—Financial Institutions Bank concentration (%) 62.2 98.0 96.4 Boone indicator –0.02 –0.03 –0.02 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 16.5 6.7 6.3 Stock market return (%, year-on-year) –27.2 –25.0 13.7 The Little Data Book on Financial Development  2015/2016 149 New Caledonia High income Gross domestic product ($ billions) .. data Population (thousands) data 262.0 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 16.0 .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. .. .. Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. .. .. Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) .. .. .. Bank return on assets (%, after tax) .. .. .. Bank return on equity (%, after tax) .. .. .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 150 2015/2016  The Little Data Book on Financial Development New Zealand High income Gross domestic product ($ billions) 185.8 Population (millions) 4.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 101.9 142.7 .. Deposit money banks’ assets to GDP (%) 108.3 145.2 .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 34.3 27.0 44.9 Stock market total value traded to GDP (%) 11.3 20.2 13.7 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) 26.7 14.8 31.2 Outstanding international debt securities to GDP (%) 12.9 6.7 13.0 Syndicated loan issuance volume to GDP (%) 1.5 6.0 7.9 Corporate bond issuance volume to GDP (%) 0.8 1.1 1.3 Syndicated loan average maturity (years) 2.3 2.5 3.9 Corporate bond average maturity (years) 9.2 8.6 5.9 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 35.0 34.9 30.9 Account at a formal financial institution (%, age 15+) .. .. 99.4 Saved at a financial institution in the past year (%, age 15+) .. .. 60.4 Loan from a financial institution in the past year (%, age 15+) .. .. 26.6 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 26.0 17.7 .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 40.5 43.0 55.1 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.2 1.8 2.0 Bank lending-deposit spread 1.9 1.4 1.7 Bank overhead costs to total assets (%) 1.9 0.9 1.1 Bank return on assets (%, after tax) 1.1 0.8 0.7 Bank return on equity (%, after tax) 32.7 30.3 10.0 Efficiency—Financial Markets Stock market turnover ratio (%) 35.0 89.7 32.5 Stability—Financial Institutions Bank Z-score 14.6 9.0 18.4 Bank nonperforming loans to gross loans (%) .. 0.9 1.0 Bank regulatory capital to risk-weighted assets (%) .. 11.4 12.4 Stability—Financial Markets Stock price volatility 9.9 12.8 8.6 Other Indicators—Financial Institutions Bank concentration (%) .. 99.7 90.5 Boone indicator –0.00 –0.04 –0.01 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 35.3 23.2 32.2 Stock market return (%, year-on-year) 4.0 –24.8 20.9 The Little Data Book on Financial Development  2015/2016 151 Nicaragua Latin America & Caribbean Lower Middle income Gross domestic product ($ billions) data 11.3 Population (millions) 6.1 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 20.6 28.2 26.3 Deposit money banks’ assets to GDP (%) 25.5 31.7 29.3 Nonbank financial institutions’ assets to GDP (%) .. .. 0.2 Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 0.6 2.1 1.2 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 6.5 15.0 1.5 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 5.0 8.3 7.6 Account at a formal financial institution (%, age 15+) .. .. 14.2 Saved at a financial institution in the past year (%, age 15+) .. .. 6.5 Loan from a financial institution in the past year (%, age 15+) .. .. 7.6 Firms with bank loan/line of credit (%) .. 43.4 .. Firms using banks to finance investments (%) .. 21.9 .. Firms using banks to finance working capital (%) .. 18.4 .. Small firms with bank loan/line of credit (%) .. 32.9 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 7.2 12.4 4.4 Bank lending-deposit spread 10.0 6.6 14.0 Bank overhead costs to total assets (%) 5.2 9.3 3.5 Bank return on assets (%, after tax) –3.4 2.9 1.6 Bank return on equity (%, after tax) 24.4 28.2 17.0 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score –5.4 2.6 2.4 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 98.9 79.8 100.0 Boone indicator 0.06 0.03 0.03 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 152 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa NigerLow income Gross domestic product ($ billions) 7.4 Population (millions) 17.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 5.2 9.4 14.0 Deposit money banks’ assets to GDP (%) 5.9 10.2 15.1 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 1.0 .. 7.5 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. 7.0 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 17 22 44 Bank branches per 100,000 adults (age 15+) 0.4 0.8 1.6 Account at a formal financial institution (%, age 15+) .. .. 1.5 Saved at a financial institution in the past year (%, age 15+) .. .. 1.2 Loan from a financial institution in the past year (%, age 15+) .. .. 1.3 Firms with bank loan/line of credit (%) .. 29.7 .. Firms using banks to finance investments (%) .. 9.3 .. Firms using banks to finance working capital (%) .. 33.4 .. Small firms with bank loan/line of credit (%) .. 17.6 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 7.2 5.4 5.7 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 9.4 5.4 5.8 Bank return on assets (%, after tax) 0.9 1.0 2.3 Bank return on equity (%, after tax) 8.2 13.1 21.5 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 17.0 13.8 19.0 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 82.4 91.8 100.0 Boone indicator –0.07 –0.06 –0.05 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 153 Nigeria Sub-Saharan Africa Lower middle income Gross domestic product ($ billions) data 521.8 Population (millions) data 173.6 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 12.5 27.8 11.6 Deposit money banks’ assets to GDP (%) 17.8 36.7 18.9 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 10.7 35.4 10.3 Stock market total value traded to GDP (%) 0.9 9.2 0.9 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 2.1 0.3 0.6 Syndicated loan issuance volume to GDP (%) 1.5 0.4 1.8 Corporate bond issuance volume to GDP (%) .. 0.1 0.1 Syndicated loan average maturity (years) 7.8 8.0 7.3 Corporate bond average maturity (years) .. 5.0 5.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 309 662 Bank branches per 100,000 adults (age 15+) 4.7 6.2 6.0 Account at a formal financial institution (%, age 15+) .. .. 29.7 Saved at a financial institution in the past year (%, age 15+) .. .. 23.6 Loan from a financial institution in the past year (%, age 15+) .. .. 2.1 Firms with bank loan/line of credit (%) .. 3.8 .. Firms using banks to finance investments (%) .. 2.7 .. Firms using banks to finance working capital (%) .. 4.3 .. Small firms with bank loan/line of credit (%) .. 2.9 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 8.8 5.5 7.9 Bank lending-deposit spread 6.5 3.5 8.8 Bank overhead costs to total assets (%) 8.5 3.6 7.1 Bank return on assets (%, after tax) 2.1 0.2 0.5 Bank return on equity (%, after tax) 16.7 1.6 3.9 Efficiency—Financial Markets Stock market turnover ratio (%) 11.8 27.1 8.8 Stability—Financial Institutions Bank Z-score 2.7 1.1 2.2 Bank nonperforming loans to gross loans (%) 20.5 6.3 3.2 Bank regulatory capital to risk-weighted assets (%) 17.8 21.9 17.1 Stability—Financial Markets Stock price volatility 14.3 15.1 12.3 Other Indicators—Financial Institutions Bank concentration (%) 30.6 60.2 87.3 Boone indicator –0.14 –0.04 –0.18 Banking crisis dummy 0 0 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 1.5 1.4 1.1 Stock market return (%, year-on-year) 32.2 8.6 54.3 154 2015/2016  The Little Data Book on Financial Development NorwayHigh income Gross domestic product ($ billions) 512.6 Population (millions) 5.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 75.0 79.7 .. Deposit money banks’ assets to GDP (%) 77.1 82.4 .. Nonbank financial institutions’ assets to GDP (%) 11.9 8.9 .. Depth—Financial Markets Stock market capitalization to GDP (%) 38.1 55.1 46.3 Stock market total value traded to GDP (%) 27.9 94.7 33.4 Outstanding domestic private debt securities to GDP (%) 27.1 21.4 36.1 Outstanding domestic public debt securities to GDP (%) 16.6 11.2 19.1 Outstanding international debt securities to GDP (%) 25.3 34.6 53.6 Syndicated loan issuance volume to GDP (%) 3.3 6.7 5.5 Corporate bond issuance volume to GDP (%) 0.9 0.3 4.2 Syndicated loan average maturity (years) 4.7 4.9 5.2 Corporate bond average maturity (years) 8.8 5.2 9.8 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 967 1,383 1,236 Bank branches per 100,000 adults (age 15+) 13.1 11.6 9.1 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 18.9 22.3 32.1 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 22.4 33.5 25.3 Nonfin. corporate bonds to total bonds and notes outstanding (%) 17.1 16.4 15.1 Efficiency—Financial Institutions Bank net interest margin (%) 2.1 2.0 2.0 Bank lending-deposit spread 2.6 1.8 .. Bank overhead costs to total assets (%) 1.7 1.2 1.1 Bank return on assets (%, after tax) 0.6 0.1 0.9 Bank return on equity (%, after tax) 12.8 1.5 12.6 Efficiency—Financial Markets Stock market turnover ratio (%) 81.7 147.3 57.4 Stability—Financial Institutions Bank Z-score 15.5 15.4 23.7 Bank nonperforming loans to gross loans (%) 1.6 0.7 1.3 Bank regulatory capital to risk-weighted assets (%) 12.4 10.1 15.5 Stability—Financial Markets Stock price volatility 23.6 29.0 18.0 Other Indicators—Financial Institutions Bank concentration (%) 99.1 94.6 80.5 Boone indicator 0.09 0.23 –0.02 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 34.6 43.8 36.7 Stock market return (%, year-on-year) –7.4 –17.7 16.2 The Little Data Book on Financial Development  2015/2016 155 Oman High income Gross domestic product ($ billions) data 79.7 Population (millions) 3.6 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 36.6 30.1 41.4 Deposit money banks’ assets to GDP (%) 42.0 32.5 48.9 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 20.8 32.1 25.7 Stock market total value traded to GDP (%) 4.1 11.4 3.4 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 0.8 2.0 2.1 Syndicated loan issuance volume to GDP (%) 5.4 1.1 1.0 Corporate bond issuance volume to GDP (%) .. 0.5 0.4 Syndicated loan average maturity (years) 14.0 14.1 10.5 Corporate bond average maturity (years) .. 5.0 5.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 1,047 .. Bank branches per 100,000 adults (age 15+) 21.8 23.0 20.3 Account at a formal financial institution (%, age 15+) .. .. 73.6 Saved at a financial institution in the past year (%, age 15+) .. .. 22.6 Loan from a financial institution in the past year (%, age 15+) .. .. 9.2 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. 76.0 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. 63.4 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 4.3 3.4 3.0 Bank lending-deposit spread 5.9 2.6 3.0 Bank overhead costs to total assets (%) 2.7 2.0 2.0 Bank return on assets (%, after tax) –0.9 2.3 1.5 Bank return on equity (%, after tax) –6.9 16.6 13.0 Efficiency—Financial Markets Stock market turnover ratio (%) 27.7 42.9 13.3 Stability—Financial Institutions Bank Z-score 11.8 15.1 12.6 Bank nonperforming loans to gross loans (%) 12.5 2.0 2.1 Bank regulatory capital to risk-weighted assets (%) 17.6 14.7 16.2 Stability—Financial Markets Stock price volatility 7.8 19.3 7.9 Other Indicators—Financial Institutions Bank concentration (%) 84.1 72.7 69.8 Boone indicator –0.02 –0.03 –0.02 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 40.2 47.0 37.4 Stock market return (%, year-on-year) 32.5 44.5 12.8 156 2015/2016  The Little Data Book on Financial Development South Asia Pakistan Lower middle income Gross domestic product ($ billions) 232.3 Population (millions) 182.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 22.0 28.1 15.3 Deposit money banks’ assets to GDP (%) 36.0 40.1 35.7 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 16.2 29.4 16.9 Stock market total value traded to GDP (%) 55.4 47.7 4.9 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) 35.4 28.0 39.4 Outstanding international debt securities to GDP (%) 0.4 1.8 0.7 Syndicated loan issuance volume to GDP (%) 1.4 0.5 0.1 Corporate bond issuance volume to GDP (%) .. 0.1 0.0 Syndicated loan average maturity (years) 10.3 7.9 2.0 Corporate bond average maturity (years) .. 6.0 3.6 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 124 202 288 Bank branches per 100,000 adults (age 15+) 7.5 8.3 9.3 Account at a formal financial institution (%, age 15+) .. .. 10.3 Saved at a financial institution in the past year (%, age 15+) .. .. 1.4 Loan from a financial institution in the past year (%, age 15+) .. .. 1.6 Firms with bank loan/line of credit (%) .. 8.6 .. Firms using banks to finance investments (%) .. 9.7 .. Firms using banks to finance working capital (%) .. 4.6 .. Small firms with bank loan/line of credit (%) .. 2.5 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.5 4.7 3.6 Bank lending-deposit spread 5.6 6.0 4.8 Bank overhead costs to total assets (%) 3.5 3.7 3.2 Bank return on assets (%, after tax) 1.0 –0.3 0.6 Bank return on equity (%, after tax) 14.2 –2.4 7.7 Efficiency—Financial Markets Stock market turnover ratio (%) 494.3 108.8 31.5 Stability—Financial Institutions Bank Z-score 9.1 13.7 9.1 Bank nonperforming loans to gross loans (%) 17.0 9.1 13.0 Bank regulatory capital to risk-weighted assets (%) 8.5 12.2 14.9 Stability—Financial Markets Stock price volatility 24.0 21.7 12.4 Other Indicators—Financial Institutions Bank concentration (%) 82.7 88.6 80.5 Boone indicator –0.07 –0.07 –0.15 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 4.6 3.9 3.2 Stock market return (%, year-on-year) 84.7 –4.3 49.4 The Little Data Book on Financial Development  2015/2016 157 Palau East Asia & Pacific Upper middle income Gross domestic product ($ millions) data 247.0 Population (thousands) data 20.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. 1,514 Bank branches per 100,000 adults (age 15+) .. .. .. Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. .. .. Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) .. .. .. Bank return on assets (%, after tax) .. .. .. Bank return on equity (%, after tax) .. .. .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 158 2015/2016  The Little Data Book on Financial Development Latin America & Caribbean Panama Upper middle income Gross domestic product ($ billions) 42.6 Population (millions) 3.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 77.6 79.3 67.5 Deposit money banks’ assets to GDP (%) 81.6 82.7 72.5 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 23.4 26.2 30.8 Stock market total value traded to GDP (%) 0.4 0.8 0.2 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 42.3 38.5 30.2 Syndicated loan issuance volume to GDP (%) 0.4 7.8 2.0 Corporate bond issuance volume to GDP (%) 1.4 1.5 1.6 Syndicated loan average maturity (years) 10.9 11.3 9.2 Corporate bond average maturity (years) 11.5 13.0 15.6 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. 23.2 24.6 Account at a formal financial institution (%, age 15+) .. .. 24.9 Saved at a financial institution in the past year (%, age 15+) .. .. 12.5 Loan from a financial institution in the past year (%, age 15+) .. .. 9.8 Firms with bank loan/line of credit (%) .. 20.7 .. Firms using banks to finance investments (%) .. 1.1 .. Firms using banks to finance working capital (%) .. 9.0 .. Small firms with bank loan/line of credit (%) .. 18.8 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.2 4.5 2.5 Bank lending-deposit spread 6.0 4.6 4.5 Bank overhead costs to total assets (%) 3.2 3.6 1.8 Bank return on assets (%, after tax) 1.6 1.5 0.6 Bank return on equity (%, after tax) 16.6 14.1 8.0 Efficiency—Financial Markets Stock market turnover ratio (%) 1.5 3.9 1.0 Stability—Financial Institutions Bank Z-score 28.7 29.1 20.5 Bank nonperforming loans to gross loans (%) 2.5 3.0 1.9 Bank regulatory capital to risk-weighted assets (%) 18.1 15.2 14.8 Stability—Financial Markets Stock price volatility 6.6 8.7 6.0 Other Indicators—Financial Institutions Bank concentration (%) 47.6 74.7 64.2 Boone indicator –0.01 –0.02 –0.01 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 7.4 6.5 6.6 Stock market return (%, year-on-year) 10.1 4.6 16.2 The Little Data Book on Financial Development  2015/2016 159 Papua New Guinea East Asia & Pacific Lower middle income Gross domestic product ($ billions) data 15.4 Population (millions) 7.3 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 13.7 22.3 26.6 Deposit money banks’ assets to GDP (%) 23.7 35.2 40.9 Nonbank financial institutions’ assets to GDP (%) .. 12.8 16.9 Depth—Financial Markets Stock market capitalization to GDP (%) 56.6 150.6 68.0 Stock market total value traded to GDP (%) 0.1 0.7 0.3 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 2.5 5.4 3.9 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 0.5 5.0 13.2 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 174 .. Bank branches per 100,000 adults (age 15+) 1.9 1.8 1.9 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 5.4 4.4 5.2 Bank lending-deposit spread 9.0 7.9 9.8 Bank overhead costs to total assets (%) 4.6 2.5 2.5 Bank return on assets (%, after tax) 8.0 4.6 5.8 Bank return on equity (%, after tax) 53.5 34.3 33.8 Efficiency—Financial Markets Stock market turnover ratio (%) 0.1 0.5 0.5 Stability—Financial Institutions Bank Z-score 14.3 12.4 15.7 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. 100.0 100.0 Boone indicator 0.00 .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 1.6 1.5 1.5 Stock market return (%, year-on-year) .. .. .. 160 2015/2016  The Little Data Book on Financial Development Latin America & Caribbean Paraguay Lower middle income Gross domestic product ($ billions) 29.0 Population (millions) 6.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 16.7 18.2 41.3 Deposit money banks’ assets to GDP (%) 18.2 19.5 42.8 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 2.6 3.2 3.8 Stock market total value traded to GDP (%) 0.1 0.0 0.1 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. 2.4 Syndicated loan issuance volume to GDP (%) 0.9 .. 0.6 Corporate bond issuance volume to GDP (%) .. .. 1.2 Syndicated loan average maturity (years) 5.0 .. 0.7 Corporate bond average maturity (years) .. .. 10.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 53 78 193 Bank branches per 100,000 adults (age 15+) 4.1 5.6 10.3 Account at a formal financial institution (%, age 15+) .. .. 21.7 Saved at a financial institution in the past year (%, age 15+) .. .. 9.7 Loan from a financial institution in the past year (%, age 15+) .. .. 12.9 Firms with bank loan/line of credit (%) .. 60.2 .. Firms using banks to finance investments (%) .. 30.1 .. Firms using banks to finance working capital (%) .. 48.0 .. Small firms with bank loan/line of credit (%) .. 54.7 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 7.6 9.5 8.2 Bank lending-deposit spread 34.2 22.7 15.0 Bank overhead costs to total assets (%) 27.5 7.3 4.4 Bank return on assets (%, after tax) –0.0 3.9 2.6 Bank return on equity (%, after tax) –0.0 34.5 24.0 Efficiency—Financial Markets Stock market turnover ratio (%) 1.9 0.5 5.6 Stability—Financial Institutions Bank Z-score 9.1 13.6 11.9 Bank nonperforming loans to gross loans (%) 20.6 1.1 2.0 Bank regulatory capital to risk-weighted assets (%) 20.9 16.3 14.6 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 49.8 48.4 51.3 Boone indicator 0.29 –0.23 –0.08 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 9.5 11.4 9.3 Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 161 Peru Latin America & Caribbean Upper middle income Gross domestic product ($ billions) data 202.3 Population (millions) data 30.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 19.8 21.2 28.9 Deposit money banks’ assets to GDP (%) 23.2 23.1 30.5 Nonbank financial institutions’ assets to GDP (%) 0.3 0.2 0.2 Depth—Financial Markets Stock market capitalization to GDP (%) 25.1 70.6 46.7 Stock market total value traded to GDP (%) 1.7 5.4 2.6 Outstanding domestic private debt securities to GDP (%) 11.9 10.4 7.6 Outstanding domestic public debt securities to GDP (%) 1.1 5.1 6.1 Outstanding international debt securities to GDP (%) 7.8 9.3 14.0 Syndicated loan issuance volume to GDP (%) 0.5 3.4 1.6 Corporate bond issuance volume to GDP (%) 0.4 0.2 2.1 Syndicated loan average maturity (years) 7.7 6.1 7.7 Corporate bond average maturity (years) 8.2 6.7 10.1 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 339 369 620 Bank branches per 100,000 adults (age 15+) 4.3 28.0 88.4 Account at a formal financial institution (%, age 15+) .. .. 20.5 Saved at a financial institution in the past year (%, age 15+) .. .. 8.6 Loan from a financial institution in the past year (%, age 15+) .. .. 12.7 Firms with bank loan/line of credit (%) .. 66.8 .. Firms using banks to finance investments (%) .. 45.9 .. Firms using banks to finance working capital (%) .. 49.9 .. Small firms with bank loan/line of credit (%) .. 52.5 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 41.9 52.1 14.3 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 27.2 38.8 29.0 Nonfin. corporate bonds to total bonds and notes outstanding (%) 46.8 23.4 11.9 Efficiency—Financial Institutions Bank net interest margin (%) 5.6 10.0 7.8 Bank lending-deposit spread 17.9 20.2 15.8 Bank overhead costs to total assets (%) 5.0 6.8 4.9 Bank return on assets (%, after tax) 0.6 2.2 1.8 Bank return on equity (%, after tax) 6.4 20.9 17.2 Efficiency—Financial Markets Stock market turnover ratio (%) 5.5 6.0 5.5 Stability—Financial Institutions Bank Z-score 15.7 15.9 15.7 Bank nonperforming loans to gross loans (%) 14.8 2.2 3.5 Bank regulatory capital to risk-weighted assets (%) 13.3 11.9 13.9 Stability—Financial Markets Stock price volatility 11.2 32.0 16.1 Other Indicators—Financial Institutions Bank concentration (%) 63.9 68.9 68.0 Boone indicator –0.07 –0.12 –0.09 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 7.3 7.0 7.1 Stock market return (%, year-on-year) 48.0 –29.2 –18.1 162 2015/2016  The Little Data Book on Financial Development East Asia & Pacific Philippines Lower middle income Gross domestic product ($ billions) 272.1 Population (millions) 98.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 28.9 25.2 33.1 Deposit money banks’ assets to GDP (%) 45.4 38.0 47.4 Nonbank financial institutions’ assets to GDP (%) 4.2 4.6 .. Depth—Financial Markets Stock market capitalization to GDP (%) 36.3 47.5 86.8 Stock market total value traded to GDP (%) 3.3 14.1 13.7 Outstanding domestic private debt securities to GDP (%) 0.4 0.9 1.2 Outstanding domestic public debt securities to GDP (%) 33.6 30.9 30.7 Outstanding international debt securities to GDP (%) 28.7 19.3 16.7 Syndicated loan issuance volume to GDP (%) 0.8 1.3 2.0 Corporate bond issuance volume to GDP (%) 0.8 0.5 1.8 Syndicated loan average maturity (years) 4.9 5.8 4.5 Corporate bond average maturity (years) 9.6 4.8 9.4 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 388 372 454 Bank branches per 100,000 adults (age 15+) 8.3 7.7 8.6 Account at a formal financial institution (%, age 15+) .. .. 26.6 Saved at a financial institution in the past year (%, age 15+) .. .. 14.7 Loan from a financial institution in the past year (%, age 15+) .. .. 10.5 Firms with bank loan/line of credit (%) .. 33.2 .. Firms using banks to finance investments (%) .. 21.9 .. Firms using banks to finance working capital (%) .. 19.1 .. Small firms with bank loan/line of credit (%) .. 21.1 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 19.1 42.1 54.0 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 35.5 44.8 62.3 Nonfin. corporate bonds to total bonds and notes outstanding (%) 1.2 2.9 3.4 Efficiency—Financial Institutions Bank net interest margin (%) 3.5 3.9 4.0 Bank lending-deposit spread 4.3 4.3 4.1 Bank overhead costs to total assets (%) 1.9 3.2 4.1 Bank return on assets (%, after tax) 1.2 –0.3 1.6 Bank return on equity (%, after tax) 4.5 –3.5 10.5 Efficiency—Financial Markets Stock market turnover ratio (%) 8.6 20.9 16.0 Stability—Financial Institutions Bank Z-score 29.3 8.9 17.3 Bank nonperforming loans to gross loans (%) 16.1 4.6 2.4 Bank regulatory capital to risk-weighted assets (%) 17.4 14.9 17.0 Stability—Financial Markets Stock price volatility 18.3 27.1 18.0 Other Indicators—Financial Institutions Bank concentration (%) 100.0 74.2 46.1 Boone indicator 0.00 0.00 –0.05 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 2.8 2.7 2.8 Stock market return (%, year-on-year) –1.4 –23.1 25.3 The Little Data Book on Financial Development  2015/2016 163 Poland High income Gross domestic product ($ billions) data 525.9 Population (millions) data 38.5 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 27.2 43.2 .. Deposit money banks’ assets to GDP (%) 38.9 55.0 .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 15.5 31.4 30.7 Stock market total value traded to GDP (%) 3.4 15.7 15.7 Outstanding domestic private debt securities to GDP (%) 0.4 1.0 2.1 Outstanding domestic public debt securities to GDP (%) 30.7 31.9 37.2 Outstanding international debt securities to GDP (%) 7.8 9.1 16.3 Syndicated loan issuance volume to GDP (%) 1.9 0.7 1.5 Corporate bond issuance volume to GDP (%) 0.2 0.0 0.4 Syndicated loan average maturity (years) 6.4 8.5 6.4 Corporate bond average maturity (years) 7.0 5.0 6.7 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 26.6 32.7 32.5 Account at a formal financial institution (%, age 15+) .. .. 70.2 Saved at a financial institution in the past year (%, age 15+) .. .. 18.0 Loan from a financial institution in the past year (%, age 15+) .. .. 9.6 Firms with bank loan/line of credit (%) .. 50.1 31.6 Firms using banks to finance investments (%) 34.3 40.7 30.6 Firms using banks to finance working capital (%) 27.7 .. 32.7 Small firms with bank loan/line of credit (%) .. 47.5 26.8 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 18.2 31.2 29.2 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 34.6 41.7 45.4 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 5.1 4.2 2.5 Bank lending-deposit spread 3.6 3.3 .. Bank overhead costs to total assets (%) 3.8 3.4 2.0 Bank return on assets (%, after tax) 0.3 1.0 0.6 Bank return on equity (%, after tax) 2.4 10.6 6.0 Efficiency—Financial Markets Stock market turnover ratio (%) 25.3 40.8 44.1 Stability—Financial Institutions Bank Z-score 16.7 13.7 14.2 Bank nonperforming loans to gross loans (%) 21.2 2.8 5.0 Bank regulatory capital to risk-weighted assets (%) 13.8 11.2 15.7 Stability—Financial Markets Stock price volatility 23.9 27.1 18.2 Other Indicators—Financial Institutions Bank concentration (%) 55.7 46.7 54.7 Boone indicator –0.13 –0.12 –0.12 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 5.3 9.2 21.9 Stock market return (%, year-on-year) 7.1 –28.4 5.9 164 2015/2016  The Little Data Book on Financial Development Portugal High income Gross domestic product ($ billions) 227.3 Population (millions) 10.5 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 131.7 161.9 173.2 Deposit money banks’ assets to GDP (%) 137.2 167.3 195.7 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 33.2 40.6 28.3 Stock market total value traded to GDP (%) 14.0 45.8 13.9 Outstanding domestic private debt securities to GDP (%) 28.2 43.5 69.5 Outstanding domestic public debt securities to GDP (%) 33.1 35.4 48.8 Outstanding international debt securities to GDP (%) 49.5 81.8 83.5 Syndicated loan issuance volume to GDP (%) 1.3 5.5 1.3 Corporate bond issuance volume to GDP (%) 0.7 1.0 3.3 Syndicated loan average maturity (years) 4.9 12.0 4.6 Corporate bond average maturity (years) 9.9 9.0 5.7 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 66.4 63.8 58.0 Account at a formal financial institution (%, age 15+) .. .. 81.2 Saved at a financial institution in the past year (%, age 15+) .. .. 25.6 Loan from a financial institution in the past year (%, age 15+) .. .. 8.3 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) 24.4 .. .. Firms using banks to finance working capital (%) 20.3 .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 1.4 2.3 3.6 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 0.1 3.8 2.5 Bank return on assets (%, after tax) 0.0 –2.7 0.5 Bank return on equity (%, after tax) 2.0 1.6 4.0 Efficiency—Financial Markets Stock market turnover ratio (%) 39.6 77.6 43.2 Stability—Financial Institutions Bank Z-score 1.9 –0.9 9.0 Bank nonperforming loans to gross loans (%) 2.4 3.6 10.6 Bank regulatory capital to risk-weighted assets (%) 10.0 9.4 13.3 Stability—Financial Markets Stock price volatility 15.0 19.8 18.1 Other Indicators—Financial Institutions Bank concentration (%) 91.1 72.7 76.1 Boone indicator 0.00 –0.09 –0.11 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 5.3 4.6 4.4 Stock market return (%, year-on-year) –6.7 –25.3 20.0 The Little Data Book on Financial Development  2015/2016 165 Qatar High income Gross domestic product ($ billions) data 203.2 Population (millions) 2.2 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 27.0 35.5 36.7 Deposit money banks’ assets to GDP (%) 55.5 48.3 84.6 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 125.1 77.3 66.2 Stock market total value traded to GDP (%) 29.8 34.4 10.1 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 16.4 10.2 26.4 Syndicated loan issuance volume to GDP (%) 7.6 8.6 0.9 Corporate bond issuance volume to GDP (%) 1.3 0.4 1.1 Syndicated loan average maturity (years) 10.7 14.5 9.0 Corporate bond average maturity (years) 5.6 6.6 12.7 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 752 669 708 Bank branches per 100,000 adults (age 15+) 23.6 19.0 13.2 Account at a formal financial institution (%, age 15+) .. .. 65.9 Saved at a financial institution in the past year (%, age 15+) .. .. 25.4 Loan from a financial institution in the past year (%, age 15+) .. .. 12.6 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. 37.3 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. 24.3 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.2 2.6 3.0 Bank lending-deposit spread 3.8 3.9 3.7 Bank overhead costs to total assets (%) 1.3 1.0 1.1 Bank return on assets (%, after tax) 2.3 2.8 2.2 Bank return on equity (%, after tax) 16.7 22.4 15.7 Efficiency—Financial Markets Stock market turnover ratio (%) 40.3 54.1 12.2 Stability—Financial Institutions Bank Z-score 26.3 23.9 24.8 Bank nonperforming loans to gross loans (%) .. 1.2 1.9 Bank regulatory capital to risk-weighted assets (%) .. 15.5 16.0 Stability—Financial Markets Stock price volatility .. 22.8 7.5 Other Indicators—Financial Institutions Bank concentration (%) 93.1 86.3 87.6 Boone indicator –0.00 0.00 0.01 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 40.3 30.9 20.5 Stock market return (%, year-on-year) .. 46.7 16.0 166 2015/2016  The Little Data Book on Financial Development Europe & Central Asia Romania Upper middle income Gross domestic product ($ billions) 189.6 Population (millions) 20.0 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 10.6 33.0 35.2 Deposit money banks’ assets to GDP (%) 13.8 35.6 48.0 Nonbank financial institutions’ assets to GDP (%) .. 14.8 16.2 Depth—Financial Markets Stock market capitalization to GDP (%) 8.5 15.8 10.2 Stock market total value traded to GDP (%) 0.7 2.9 1.5 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 5.2 1.8 7.5 Syndicated loan issuance volume to GDP (%) 1.1 0.6 0.9 Corporate bond issuance volume to GDP (%) 0.0 .. .. Syndicated loan average maturity (years) 4.9 4.9 4.4 Corporate bond average maturity (years) 2.0 .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. 34.8 29.4 Account at a formal financial institution (%, age 15+) .. .. 44.6 Saved at a financial institution in the past year (%, age 15+) .. .. 8.7 Loan from a financial institution in the past year (%, age 15+) .. .. 8.4 Firms with bank loan/line of credit (%) .. 42.3 47.3 Firms using banks to finance investments (%) 20.6 37.3 28.0 Firms using banks to finance working capital (%) 26.3 .. 41.2 Small firms with bank loan/line of credit (%) .. 34.5 43.8 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.3 4.5 3.5 Bank lending-deposit spread 14.4 5.5 6.0 Bank overhead costs to total assets (%) 5.5 4.1 3.7 Bank return on assets (%, after tax) 0.3 0.8 –0.3 Bank return on equity (%, after tax) 2.6 9.4 –2.3 Efficiency—Financial Markets Stock market turnover ratio (%) 8.8 11.4 12.3 Stability—Financial Institutions Bank Z-score 12.0 9.8 11.2 Bank nonperforming loans to gross loans (%) 8.3 2.7 21.9 Bank regulatory capital to risk-weighted assets (%) 21.1 13.8 15.5 Stability—Financial Markets Stock price volatility 23.9 29.1 15.6 Other Indicators—Financial Institutions Bank concentration (%) 55.4 67.8 66.2 Boone indicator –0.10 –0.08 –0.06 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 207.8 88.8 3.8 Stock market return (%, year-on-year) The Little Data Book on Financial Development  2015/2016 167 Russian Federation Europe & Central Asia Upper middle income data Gross domestic product ($ billions) 2,096.8 Population (millions) data 143.5 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 17.8 35.7 48.8 Deposit money banks’ assets to GDP (%) 24.3 38.7 54.3 Nonbank financial institutions’ assets to GDP (%) .. 1.6 2.9 Depth—Financial Markets Stock market capitalization to GDP (%) 41.6 61.9 40.5 Stock market total value traded to GDP (%) 13.7 41.5 45.7 Outstanding domestic private debt securities to GDP (%) 1.7 3.5 6.9 Outstanding domestic public debt securities to GDP (%) 2.3 3.3 5.8 Outstanding international debt securities to GDP (%) 10.7 8.5 12.2 Syndicated loan issuance volume to GDP (%) 1.7 3.6 1.9 Corporate bond issuance volume to GDP (%) 1.7 1.2 2.8 Syndicated loan average maturity (years) 4.3 4.0 5.1 Corporate bond average maturity (years) 4.9 5.3 8.5 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 26.7 35.8 38.4 Account at a formal financial institution (%, age 15+) .. .. 48.2 Saved at a financial institution in the past year (%, age 15+) .. .. 10.9 Loan from a financial institution in the past year (%, age 15+) .. .. 7.7 Firms with bank loan/line of credit (%) .. 31.3 21.6 Firms using banks to finance investments (%) 10.9 30.6 11.3 Firms using banks to finance working capital (%) 15.7 .. 21.3 Small firms with bank loan/line of credit (%) .. 17.2 14.0 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. 6.7 99.8 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. 30.8 37.7 Nonfin. corporate bonds to total bonds and notes outstanding (%) 21.2 35.6 29.3 Efficiency—Financial Institutions Bank net interest margin (%) 5.2 5.7 4.8 Bank lending-deposit spread 8.5 6.5 3.9 Bank overhead costs to total assets (%) 5.6 36.5 18.8 Bank return on assets (%, after tax) 2.3 0.9 1.5 Bank return on equity (%, after tax) 12.0 7.1 10.4 Efficiency—Financial Markets Stock market turnover ratio (%) 45.2 54.7 89.5 Stability—Financial Institutions Bank Z-score 3.9 3.1 3.1 Bank nonperforming loans to gross loans (%) 5.0 3.8 6.0 Bank regulatory capital to risk-weighted assets (%) 19.1 16.8 13.5 Stability—Financial Markets Stock price volatility 27.5 35.2 19.7 Other Indicators—Financial Institutions Bank concentration (%) 29.5 22.6 8.5 Boone indicator –0.05 –0.12 –0.05 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 1.5 2.2 1.9 Stock market return (%, year-on-year) 42.0 –20.9 –0.9 168 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Rwanda Low income Gross domestic product ($ billions) 7.5 Population (millions) 11.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 8.9 .. .. Deposit money banks’ assets to GDP (%) 10.4 .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 7 189 244 Bank branches per 100,000 adults (age 15+) 0.4 4.6 6.0 Account at a formal financial institution (%, age 15+) .. .. 32.8 Saved at a financial institution in the past year (%, age 15+) .. .. 17.8 Loan from a financial institution in the past year (%, age 15+) .. .. 8.4 Firms with bank loan/line of credit (%) .. 37.6 45.5 Firms using banks to finance investments (%) .. 15.9 23.3 Firms using banks to finance working capital (%) .. 32.5 43.9 Small firms with bank loan/line of credit (%) .. 22.0 38.8 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 9.9 11.0 10.5 Bank lending-deposit spread 7.6 9.8 .. Bank overhead costs to total assets (%) 6.9 8.8 8.9 Bank return on assets (%, after tax) 3.3 2.4 1.7 Bank return on equity (%, after tax) 55.4 20.3 11.6 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 4.1 9.3 10.2 Bank nonperforming loans to gross loans (%) 33.0 12.6 7.0 Bank regulatory capital to risk-weighted assets (%) 2.9 15.9 23.0 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 90.3 76.2 86.2 Boone indicator –0.16 –0.13 –0.14 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 169 Samoa East Asia & Pacific Lower middle income Gross domestic product ($ millions) data 801.9 Population (thousands) data 190.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 32.3 36.2 40.4 Deposit money banks’ assets to GDP (%) 34.5 42.3 44.6 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 367 676 988 Bank branches per 100,000 adults (age 15+) 10.4 23.1 23.0 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 51.3 .. Firms using banks to finance investments (%) .. 48.3 .. Firms using banks to finance working capital (%) .. 68.7 .. Small firms with bank loan/line of credit (%) .. 45.3 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 4.2 7.6 7.6 Bank lending-deposit spread 6.8 6.6 7.3 Bank overhead costs to total assets (%) 5.0 5.8 6.0 Bank return on assets (%, after tax) 1.0 4.2 4.0 Bank return on equity (%, after tax) 9.1 16.9 16.8 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 8.0 21.9 21.0 Bank nonperforming loans to gross loans (%) .. 8.8 5.8 Bank regulatory capital to risk-weighted assets (%) .. 28.0 29.8 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 100.0 .. Boone indicator –0.07 0.00 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 170 2015/2016  The Little Data Book on Financial Development San Marino High income Gross domestic product ($ billions) .. Population (thousands) 31.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 1,359 1,382 Bank branches per 100,000 adults (age 15+) 195.5 233.5 211.8 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 1.7 2.4 1.5 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 0.9 1.0 2.5 Bank return on assets (%, after tax) 1.0 0.9 –0.1 Bank return on equity (%, after tax) 13.8 11.5 –1.3 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 8.0 7.9 7.5 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 95.1 88.9 99.0 Boone indicator –0.04 –0.05 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 171 São Tomé and Príncipe Sub-Saharan Africa Lower middle income Gross domestic product ($ millions) data 310.7 Population (thousands) data 193.0 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 7.4 25.2 35.0 Deposit money banks’ assets to GDP (%) 7.4 25.9 36.9 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. 720 Bank branches per 100,000 adults (age 15+) 4.7 8.6 23.7 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. .. .. Bank lending-deposit spread 20.1 19.7 13.9 Bank overhead costs to total assets (%) .. 12.4 .. Bank return on assets (%, after tax) .. –14.9 .. Bank return on equity (%, after tax) .. –92.3 .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 172 2015/2016  The Little Data Book on Financial Development Saudi Arabia High income Gross domestic product ($ billions) 748.4 Population (millions) 28.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 27.0 33.9 37.9 Deposit money banks’ assets to GDP (%) 46.3 44.9 46.6 Nonbank financial institutions’ assets to GDP (%) 26.2 11.4 13.3 Depth—Financial Markets Stock market capitalization to GDP (%) 54.0 75.3 48.4 Stock market total value traded to GDP (%) 45.2 118.1 54.6 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) 77.0 13.1 3.1 Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 0.4 4.3 2.6 Corporate bond issuance volume to GDP (%) 0.1 0.5 1.1 Syndicated loan average maturity (years) 8.7 11.4 9.6 Corporate bond average maturity (years) 7.0 12.9 11.5 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 388 659 810 Bank branches per 100,000 adults (age 15+) 7.9 8.0 9.0 Account at a formal financial institution (%, age 15+) .. .. 46.4 Saved at a financial institution in the past year (%, age 15+) .. .. 17.2 Loan from a financial institution in the past year (%, age 15+) .. .. 2.1 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. 56.7 68.1 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. 39.1 45.6 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.5 3.3 2.7 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 1.7 1.6 1.3 Bank return on assets (%, after tax) 2.3 2.0 2.0 Bank return on equity (%, after tax) 21.3 16.3 14.7 Efficiency—Financial Markets Stock market turnover ratio (%) 137.3 134.0 144.8 Stability—Financial Institutions Bank Z-score 17.9 19.0 21.2 Bank nonperforming loans to gross loans (%) 5.4 1.4 1.3 Bank regulatory capital to risk-weighted assets (%) 19.3 16.0 17.9 Stability—Financial Markets Stock price volatility 15.6 29.1 12.1 Other Indicators—Financial Institutions Bank concentration (%) 56.4 51.8 52.7 Boone indicator –0.04 –0.05 –0.03 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 3.1 4.8 5.6 Stock market return (%, year-on-year) 34.0 5.0 9.2 The Little Data Book on Financial Development  2015/2016 173 Senegal Sub-Saharan Africa Lower middle income Gross domestic product ($ billions) data 14.8 Population (millions) data 14.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 18.3 22.4 30.3 Deposit money banks’ assets to GDP (%) 20.0 26.2 35.1 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. 1.5 4.7 Syndicated loan issuance volume to GDP (%) 0.7 0.4 0.7 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 1.0 1.0 9.7 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 83 106 154 Bank branches per 100,000 adults (age 15+) 2.0 3.7 4.7 Account at a formal financial institution (%, age 15+) .. .. 5.8 Saved at a financial institution in the past year (%, age 15+) .. .. 3.7 Loan from a financial institution in the past year (%, age 15+) .. .. 3.5 Firms with bank loan/line of credit (%) .. 15.3 .. Firms using banks to finance investments (%) .. 19.8 .. Firms using banks to finance working capital (%) .. 9.6 .. Small firms with bank loan/line of credit (%) .. 10.8 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 7.1 5.8 3.6 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 4.9 4.3 4.3 Bank return on assets (%, after tax) 2.1 1.4 1.4 Bank return on equity (%, after tax) 26.5 15.6 13.5 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 35.0 39.4 40.8 Bank nonperforming loans to gross loans (%) 13.3 17.4 20.6 Bank regulatory capital to risk-weighted assets (%) 12.1 13.8 16.6 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 68.6 72.5 72.8 Boone indicator –0.07 –0.05 –0.05 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 174 2015/2016  The Little Data Book on Financial Development Europe & Central Asia Serbia Upper middle income Gross domestic product ($ billions) 45.5 Population (millions) 7.2 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 17.0 35.5 48.2 Deposit money banks’ assets to GDP (%) 18.4 37.0 60.7 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 5.2 39.0 17.7 Stock market total value traded to GDP (%) 1.5 4.1 0.7 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 0.1 0.7 0.9 Corporate bond issuance volume to GDP (%) .. .. 1.5 Syndicated loan average maturity (years) 10.0 3.7 3.0 Corporate bond average maturity (years) .. .. 7.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 22.2 45.5 33.5 Account at a formal financial institution (%, age 15+) .. .. 62.2 Saved at a financial institution in the past year (%, age 15+) .. .. 3.2 Loan from a financial institution in the past year (%, age 15+) .. .. 12.3 Firms with bank loan/line of credit (%) .. 67.6 46.8 Firms using banks to finance investments (%) 9.8 42.8 25.9 Firms using banks to finance working capital (%) 11.5 .. 36.9 Small firms with bank loan/line of credit (%) .. 60.4 45.2 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 8.9 8.4 5.3 Bank lending-deposit spread 12.7 8.8 9.2 Bank overhead costs to total assets (%) 9.9 5.0 9.7 Bank return on assets (%, after tax) 2.0 1.5 –0.7 Bank return on equity (%, after tax) 7.4 6.5 –3.3 Efficiency—Financial Markets Stock market turnover ratio (%) 48.4 6.5 4.0 Stability—Financial Institutions Bank Z-score 12.7 11.9 9.6 Bank nonperforming loans to gross loans (%) 24.1 11.3 21.4 Bank regulatory capital to risk-weighted assets (%) 31.1 21.9 20.9 Stability—Financial Markets Stock price volatility .. 28.9 12.5 Other Indicators—Financial Institutions Bank concentration (%) 53.5 43.5 45.5 Boone indicator –0.20 –2.00 –0.61 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 45.7 239.0 150.9 Stock market return (%, year-on-year) .. –45.0 12.9 The Little Data Book on Financial Development  2015/2016 175 Seychelles Sub-Saharan Africa Upper middle income Gross domestic product ($ billions) 1.4 data Population (thousands) data 89.2 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 23.3 23.0 18.9 Deposit money banks’ assets to GDP (%) 109.6 51.0 35.5 Nonbank financial institutions’ assets to GDP (%) 14.0 6.0 5.0 Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. 19.4 13.4 Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 275 590 1,729 Bank branches per 100,000 adults (age 15+) 42.0 46.2 51.2 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. 2.5 3.8 Bank lending-deposit spread 6.6 7.8 8.9 Bank overhead costs to total assets (%) .. 1.1 2.0 Bank return on assets (%, after tax) .. 6.1 2.2 Bank return on equity (%, after tax) .. 81.6 23.9 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. 13.3 8.7 Bank nonperforming loans to gross loans (%) .. 2.0 9.2 Bank regulatory capital to risk-weighted assets (%) .. 12.0 26.1 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. 100.0 100.0 Boone indicator .. 0.00 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 176 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Sierra Leone Low income Gross domestic product ($ billions) 4.1 Population (millions) 6.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 2.2 4.6 5.7 Deposit money banks’ assets to GDP (%) 6.2 9.1 12.4 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 2.3 .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 6.1 .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 92 173 Bank branches per 100,000 adults (age 15+) 1.2 2.2 2.9 Account at a formal financial institution (%, age 15+) .. .. 15.3 Saved at a financial institution in the past year (%, age 15+) .. .. 14.5 Loan from a financial institution in the past year (%, age 15+) .. .. 6.1 Firms with bank loan/line of credit (%) .. 17.4 .. Firms using banks to finance investments (%) .. 6.9 .. Firms using banks to finance working capital (%) .. 24.6 .. Small firms with bank loan/line of credit (%) .. 14.4 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 10.8 11.9 6.6 Bank lending-deposit spread 10.3 13.9 11.7 Bank overhead costs to total assets (%) 9.7 12.3 5.1 Bank return on assets (%, after tax) 7.0 0.9 0.9 Bank return on equity (%, after tax) 41.0 5.0 6.0 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 7.2 5.3 4.6 Bank nonperforming loans to gross loans (%) 7.4 17.9 22.4 Bank regulatory capital to risk-weighted assets (%) 27.3 43.4 30.1 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 92.0 67.2 92.4 Boone indicator –0.29 –0.69 –0.31 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 177 Singapore High income Gross domestic product ($ billions) data 97.7 Population (millions) 5.4 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 34.6 43.1 50.3 Deposit money banks’ assets to GDP (%) 58.0 56.4 67.5 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 5.5 6.4 4.9 Stock market total value traded to GDP (%) 1.8 0.0 0.2 Outstanding domestic private debt securities to GDP (%) 2.1 4.7 5.0 Outstanding domestic public debt securities to GDP (%) 26.2 20.8 29.3 Outstanding international debt securities to GDP (%) 11.3 6.5 19.8 Syndicated loan issuance volume to GDP (%) 0.3 0.7 0.9 Corporate bond issuance volume to GDP (%) 0.4 0.0 3.6 Syndicated loan average maturity (years) 6.0 4.6 5.5 Corporate bond average maturity (years) 7.0 3.0 16.1 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 25.2 27.6 26.9 Account at a formal financial institution (%, age 15+) .. .. 79.6 Saved at a financial institution in the past year (%, age 15+) .. .. 36.8 Loan from a financial institution in the past year (%, age 15+) .. .. 11.4 Firms with bank loan/line of credit (%) .. 42.4 42.5 Firms using banks to finance investments (%) 13.0 33.5 40.8 Firms using banks to finance working capital (%) 21.0 .. 40.1 Small firms with bank loan/line of credit (%) .. 35.5 41.5 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.9 2.8 1.8 Bank lending-deposit spread 3.1 2.0 .. Bank overhead costs to total assets (%) 3.7 1.9 1.6 Bank return on assets (%, after tax) 1.0 0.1 0.0 Bank return on equity (%, after tax) 13.1 0.9 0.4 Efficiency—Financial Markets Stock market turnover ratio (%) 25.6 0.4 3.7 Stability—Financial Institutions Bank Z-score 16.9 22.5 12.3 Bank nonperforming loans to gross loans (%) 3.7 2.5 5.1 Bank regulatory capital to risk-weighted assets (%) 22.4 11.1 16.5 Stability—Financial Markets Stock price volatility 23.5 11.4 14.3 Other Indicators—Financial Institutions Bank concentration (%) 89.2 76.3 94.7 Boone indicator –0.15 –0.08 –0.10 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 56.9 23.2 12.8 Stock market return (%, year-on-year) 41.4 2.4 –3.0 178 2015/2016  The Little Data Book on Financial Development Slovak Republic High income Gross domestic product ($ billions) 97.7 Population (millions) 5.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 34.6 43.1 50.3 Deposit money banks’ assets to GDP (%) 58.0 56.4 67.5 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 5.5 6.4 4.9 Stock market total value traded to GDP (%) 1.8 0.0 0.2 Outstanding domestic private debt securities to GDP (%) 2.1 4.7 5.0 Outstanding domestic public debt securities to GDP (%) 26.2 20.8 29.3 Outstanding international debt securities to GDP (%) 11.3 6.5 19.8 Syndicated loan issuance volume to GDP (%) 0.3 0.7 0.9 Corporate bond issuance volume to GDP (%) 0.4 0.0 3.6 Syndicated loan average maturity (years) 6.0 4.6 5.5 Corporate bond average maturity (years) 7.0 3.0 16.1 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 25.2 27.6 26.9 Account at a formal financial institution (%, age 15+) .. .. 79.6 Saved at a financial institution in the past year (%, age 15+) .. .. 36.8 Loan from a financial institution in the past year (%, age 15+) .. .. 11.4 Firms with bank loan/line of credit (%) .. 42.4 42.5 Firms using banks to finance investments (%) 13.0 33.5 40.8 Firms using banks to finance working capital (%) 21.0 .. 40.1 Small firms with bank loan/line of credit (%) .. 35.5 41.5 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.9 2.8 1.8 Bank lending-deposit spread 3.1 2.0 .. Bank overhead costs to total assets (%) 3.7 1.9 1.6 Bank return on assets (%, after tax) 1.0 0.1 0.0 Bank return on equity (%, after tax) 13.1 0.9 0.4 Efficiency—Financial Markets Stock market turnover ratio (%) 25.6 0.4 3.7 Stability—Financial Institutions Bank Z-score 16.9 22.5 12.3 Bank nonperforming loans to gross loans (%) 3.7 2.5 5.1 Bank regulatory capital to risk-weighted assets (%) 22.4 11.1 16.5 Stability—Financial Markets Stock price volatility 23.5 11.4 14.3 Other Indicators—Financial Institutions Bank concentration (%) 89.2 76.3 94.7 Boone indicator –0.15 –0.08 –0.10 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 56.9 23.2 12.8 Stock market return (%, year-on-year) 41.4 2.4 –3.0 The Little Data Book on Financial Development  2015/2016 179 Slovenia High income Gross domestic product ($ billions) data 48.0 Population (millions) 2.1 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 38.0 78.8 78.6 Deposit money banks’ assets to GDP (%) 48.2 85.3 96.4 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 21.1 39.2 13.4 Stock market total value traded to GDP (%) 3.2 3.9 0.9 Outstanding domestic private debt securities to GDP (%) 2.8 4.5 7.3 Outstanding domestic public debt securities to GDP (%) 16.6 12.5 10.5 Outstanding international debt securities to GDP (%) 9.1 8.6 20.2 Syndicated loan issuance volume to GDP (%) 0.3 0.0 1.5 Corporate bond issuance volume to GDP (%) 0.4 1.1 .. Syndicated loan average maturity (years) 5.0 8.0 6.9 Corporate bond average maturity (years) 13.7 6.6 .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 41.1 39.4 34.4 Account at a formal financial institution (%, age 15+) .. .. 97.1 Saved at a financial institution in the past year (%, age 15+) .. .. 28.9 Loan from a financial institution in the past year (%, age 15+) .. .. 12.8 Firms with bank loan/line of credit (%) .. 71.2 65.6 Firms using banks to finance investments (%) 13.6 52.2 30.4 Firms using banks to finance working capital (%) 14.7 .. 36.2 Small firms with bank loan/line of credit (%) .. 66.4 62.9 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 37.7 48.9 7.1 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 43.0 30.3 9.3 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 5.1 2.2 2.0 Bank lending-deposit spread 4.8 2.6 .. Bank overhead costs to total assets (%) 2.6 1.5 1.9 Bank return on assets (%, after tax) 2.4 0.8 –4.1 Bank return on equity (%, after tax) 17.6 9.2 –46.8 Efficiency—Financial Markets Stock market turnover ratio (%) 11.7 6.5 6.5 Stability—Financial Institutions Bank Z-score 9.1 5.4 2.4 Bank nonperforming loans to gross loans (%) 3.7 4.2 13.3 Bank regulatory capital to risk-weighted assets (%) 11.5 11.7 13.7 Stability—Financial Markets Stock price volatility 10.9 23.7 18.6 Other Indicators—Financial Institutions Bank concentration (%) 93.3 70.5 69.3 Boone indicator –0.11 –0.17 0.06 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 67.1 41.6 29.7 Stock market return (%, year-on-year) 43.4 –22.5 10.6 180 2015/2016  The Little Data Book on Financial Development East Asia & Pacific Solomon Islands Lower middle income Gross domestic product ($ billions) 1.1 Population (thousands) 561.2 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 8.6 24.7 17.5 Deposit money banks’ assets to GDP (%) 15.1 27.5 18.7 Nonbank financial institutions’ assets to GDP (%) 29.2 17.4 25.6 Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. 258 Bank branches per 100,000 adults (age 15+) 8.6 8.8 7.0 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 7.6 6.9 .. Bank lending-deposit spread 13.7 13.5 10.5 Bank overhead costs to total assets (%) 7.0 5.7 .. Bank return on assets (%, after tax) 3.8 2.7 .. Bank return on equity (%, after tax) 17.5 13.0 .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 181 Somalia Sub-Saharan Africa Low income Gross domestic product ($ millions) data.. Population (millions) data 10.5 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. .. .. Account at a formal financial institution (%, age 15+) .. .. 31.0 Saved at a financial institution in the past year (%, age 15+) .. .. 13.6 Loan from a financial institution in the past year (%, age 15+) .. .. 1.6 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. .. .. Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) .. .. .. Bank return on assets (%, after tax) .. .. .. Bank return on equity (%, after tax) .. .. .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 182 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa South AfricaUpper middle income Gross domestic product ($ billions) 366.1 Population (millions) 53.2 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 59.7 77.8 68.5 Deposit money banks’ assets to GDP (%) 66.5 85.3 79.8 Nonbank financial institutions’ assets to GDP (%) 159.8 189.3 213.5 Depth—Financial Markets Stock market capitalization to GDP (%) 151.5 216.2 132.3 Stock market total value traded to GDP (%) 61.4 136.0 78.6 Outstanding domestic private debt securities to GDP (%) 15.3 18.4 19.1 Outstanding domestic public debt securities to GDP (%) 35.4 22.3 35.8 Outstanding international debt securities to GDP (%) 11.6 13.4 14.7 Syndicated loan issuance volume to GDP (%) 0.8 1.5 2.6 Corporate bond issuance volume to GDP (%) 0.2 0.1 1.6 Syndicated loan average maturity (years) 4.5 3.6 8.4 Corporate bond average maturity (years) 5.0 14.4 6.8 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 4.7 7.8 10.3 Account at a formal financial institution (%, age 15+) .. .. 53.6 Saved at a financial institution in the past year (%, age 15+) .. .. 22.1 Loan from a financial institution in the past year (%, age 15+) .. .. 8.9 Firms with bank loan/line of credit (%) .. 30.1 .. Firms using banks to finance investments (%) .. 34.8 .. Firms using banks to finance working capital (%) .. 21.1 .. Small firms with bank loan/line of credit (%) .. 22.9 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 45.0 49.5 67.0 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 71.1 77.2 80.2 Nonfin. corporate bonds to total bonds and notes outstanding (%) 12.7 13.5 12.9 Efficiency—Financial Institutions Bank net interest margin (%) 11.7 3.3 3.7 Bank lending-deposit spread 5.2 3.5 3.3 Bank overhead costs to total assets (%) 11.5 2.4 2.9 Bank return on assets (%, after tax) 0.1 1.2 0.3 Bank return on equity (%, after tax) 0.7 16.3 3.9 Efficiency—Financial Markets Stock market turnover ratio (%) 38.7 64.7 59.3 Stability—Financial Institutions Bank Z-score 27.7 18.5 17.7 Bank nonperforming loans to gross loans (%) 2.4 3.9 3.6 Bank regulatory capital to risk-weighted assets (%) 12.4 13.0 15.6 Stability—Financial Markets Stock price volatility 20.0 23.6 13.4 Other Indicators—Financial Institutions Bank concentration (%) 99.7 99.3 98.0 Boone indicator 0.00 –0.09 –0.04 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 9.2 7.7 6.6 Stock market return (%, year-on-year) –13.6 –5.0 19.1 The Little Data Book on Financial Development  2015/2016 183 Spain High income data Gross domestic product ($ billions) 1,393.0 Population (millions) data 46.6 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 105.6 193.7 183.5 Deposit money banks’ assets to GDP (%) 123.8 206.3 217.8 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 70.6 88.7 71.6 Stock market total value traded to GDP (%) 118.7 173.1 87.9 Outstanding domestic private debt securities to GDP (%) 19.4 58.8 54.5 Outstanding domestic public debt securities to GDP (%) 42.1 28.1 45.3 Outstanding international debt securities to GDP (%) 38.7 67.1 88.2 Syndicated loan issuance volume to GDP (%) 4.1 7.7 4.3 Corporate bond issuance volume to GDP (%) 1.7 0.5 2.4 Syndicated loan average maturity (years) 6.6 10.4 5.4 Corporate bond average maturity (years) 7.6 6.8 8.2 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 98.2 104.9 74.5 Account at a formal financial institution (%, age 15+) .. .. 93.3 Saved at a financial institution in the past year (%, age 15+) .. .. 35.0 Loan from a financial institution in the past year (%, age 15+) .. .. 11.4 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) 32.6 .. .. Firms using banks to finance working capital (%) 35.8 .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 22.1 42.8 21.0 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 55.1 54.6 52.7 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 1.6 1.8 1.4 Bank lending-deposit spread 1.8 .. .. Bank overhead costs to total assets (%) 1.5 1.0 1.2 Bank return on assets (%, after tax) 0.8 0.8 0.2 Bank return on equity (%, after tax) 4.6 12.3 2.8 Efficiency—Financial Markets Stock market turnover ratio (%) 146.1 168.2 111.0 Stability—Financial Institutions Bank Z-score 55.4 22.2 19.4 Bank nonperforming loans to gross loans (%) 1.0 2.8 9.4 Bank regulatory capital to risk-weighted assets (%) 11.1 11.3 13.3 Stability—Financial Markets Stock price volatility 29.9 23.7 26.4 Other Indicators—Financial Institutions Bank concentration (%) 82.7 76.7 93.5 Boone indicator 0.04 0.07 0.09 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 76.4 76.9 67.7 Stock market return (%, year-on-year) –5.3 –19.9 14.0 184 2015/2016  The Little Data Book on Financial Development South Asia Sri Lanka Lower middle income Gross domestic product ($ billions) 67.2 Population (millions) 20.5 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 26.6 29.3 28.4 Deposit money banks’ assets to GDP (%) 33.6 37.5 40.0 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 11.4 15.9 28.8 Stock market total value traded to GDP (%) 2.8 2.6 5.2 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 2.2 2.6 7.5 Syndicated loan issuance volume to GDP (%) 0.2 0.1 0.6 Corporate bond issuance volume to GDP (%) 0.5 .. .. Syndicated loan average maturity (years) 3.0 8.0 4.0 Corporate bond average maturity (years) 5.0 .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 8.7 13.9 18.6 Account at a formal financial institution (%, age 15+) .. .. 68.5 Saved at a financial institution in the past year (%, age 15+) .. .. 28.1 Loan from a financial institution in the past year (%, age 15+) .. .. 17.7 Firms with bank loan/line of credit (%) .. .. 40.4 Firms using banks to finance investments (%) .. .. 43.6 Firms using banks to finance working capital (%) .. .. 40.6 Small firms with bank loan/line of credit (%) .. .. 35.0 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 42.9 54.9 75.5 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 53.0 53.8 53.0 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.2 5.0 6.0 Bank lending-deposit spread 4.3 8.0 2.4 Bank overhead costs to total assets (%) 3.9 4.0 3.0 Bank return on assets (%, after tax) 1.2 0.9 2.4 Bank return on equity (%, after tax) 21.4 15.0 16.7 Efficiency—Financial Markets Stock market turnover ratio (%) 35.6 15.8 9.8 Stability—Financial Institutions Bank Z-score 7.6 11.5 17.5 Bank nonperforming loans to gross loans (%) .. .. 5.6 Bank regulatory capital to risk-weighted assets (%) .. .. 16.3 Stability—Financial Markets Stock price volatility 23.3 13.0 13.1 Other Indicators—Financial Institutions Bank concentration (%) 66.9 63.4 81.5 Boone indicator 0.00 –0.21 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 12.7 11.6 14.1 Stock market return (%, year-on-year) 41.8 –13.0 10.5 The Little Data Book on Financial Development  2015/2016 185 St. Kitts and Nevis High income Gross domestic product ($ millions) data 765.9 Population (thousands) data 54.2 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 54.0 55.4 63.5 Deposit money banks’ assets to GDP (%) 93.7 110.6 104.7 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 49.4 70.9 83.6 Stock market total value traded to GDP (%) 0.8 0.5 1.2 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 66.3 66.9 54.6 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 49.3 .. Firms using banks to finance investments (%) .. 46.4 .. Firms using banks to finance working capital (%) .. 52.0 .. Small firms with bank loan/line of credit (%) .. 48.5 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.7 3.0 1.4 Bank lending-deposit spread 7.7 4.2 5.0 Bank overhead costs to total assets (%) 1.9 1.7 1.5 Bank return on assets (%, after tax) 1.8 5.0 1.9 Bank return on equity (%, after tax) 13.6 30.8 9.5 Efficiency—Financial Markets Stock market turnover ratio (%) 1.9 1.2 0.9 Stability—Financial Institutions Bank Z-score 13.9 22.9 20.6 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator –0.04 0.00 –0.03 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 125.8 215.2 242.6 Stock market return (%, year-on-year) .. .. .. 186 2015/2016  The Little Data Book on Financial Development Latin America & Caribbean St. Lucia Upper middle income Gross domestic product ($ billions) 1.3 Population (thousands) 182.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 70.4 103.3 110.2 Deposit money banks’ assets to GDP (%) 80.5 117.5 123.7 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 2.6 .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 7.0 .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 25.1 22.8 21.2 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 24.5 .. Firms using banks to finance investments (%) .. 52.2 .. Firms using banks to finance working capital (%) .. 49.1 .. Small firms with bank loan/line of credit (%) .. 15.9 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 4.4 4.7 2.9 Bank lending-deposit spread 9.5 6.8 6.1 Bank overhead costs to total assets (%) 3.1 3.1 3.2 Bank return on assets (%, after tax) 1.6 2.3 –0.1 Bank return on equity (%, after tax) 14.4 14.7 –1.3 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 7.0 9.9 3.8 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. 100.0 100.0 Boone indicator .. –0.04 0.04 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) The Little Data Book on Financial Development  2015/2016 187 St. Vincent & the Grenadines Latin America & Caribbean Upper middle income Gross domestic product ($ millions) data 709.4 Population (thousands) data 109.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 48.5 49.0 53.5 Deposit money banks’ assets to GDP (%) 62.3 65.7 62.8 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. 21.3 20.9 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 56.5 .. Firms using banks to finance investments (%) .. 55.8 .. Firms using banks to finance working capital (%) .. 52.7 .. Small firms with bank loan/line of credit (%) .. 58.7 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. 4.7 .. Bank lending-deposit spread 7.3 6.7 6.7 Bank overhead costs to total assets (%) .. 3.6 .. Bank return on assets (%, after tax) .. 2.2 .. Bank return on equity (%, after tax) .. 21.1 .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. 3.9 8.3 Bank regulatory capital to risk-weighted assets (%) .. 19.9 17.9 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 188 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Sudan Lower middle income Gross domestic product ($ billions) 66.6 Population (millions) 38.0 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 4.1 10.0 9.2 Deposit money banks’ assets to GDP (%) 4.8 12.4 12.7 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 0.2 0.3 .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 2.0 7.0 .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 2.5 2.3 3.1 Account at a formal financial institution (%, age 15+) .. .. 6.9 Saved at a financial institution in the past year (%, age 15+) .. .. 3.4 Loan from a financial institution in the past year (%, age 15+) .. .. 1.8 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 0.7 3.6 2.1 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 0.8 3.4 1.7 Bank return on assets (%, after tax) 0.2 1.7 1.4 Bank return on equity (%, after tax) 2.0 15.9 9.8 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 11.0 21.5 20.0 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 72.1 68.0 94.4 Boone indicator –0.18 –0.26 –0.28 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 189 Suriname Latin America & Caribbean Upper middle income Gross domestic product ($ billions) 5.3 data Population (thousands) data 539.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 14.8 20.3 24.8 Deposit money banks’ assets to GDP (%) 18.0 21.9 27.4 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 10.4 10.4 12.4 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 44.3 .. Firms using banks to finance investments (%) .. 37.0 .. Firms using banks to finance working capital (%) .. 57.6 .. Small firms with bank loan/line of credit (%) .. 44.7 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 5.8 7.5 2.5 Bank lending-deposit spread 12.8 5.9 4.9 Bank overhead costs to total assets (%) 5.9 3.9 1.9 Bank return on assets (%, after tax) 0.8 1.8 1.4 Bank return on equity (%, after tax) 18.6 26.0 22.6 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 9.3 15.4 35.4 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. 97.3 100.0 Boone indicator –0.03 –0.04 –0.05 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 190 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Swaziland Lower middle income Gross domestic product ($ billions) 3.8 Population (millions) 1.2 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 13.4 21.8 23.2 Deposit money banks’ assets to GDP (%) 16.2 23.4 27.9 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 10.2 6.5 .. Stock market total value traded to GDP (%) 0.0 0.0 .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 343 426 488 Bank branches per 100,000 adults (age 15+) 5.9 5.8 6.2 Account at a formal financial institution (%, age 15+) .. .. 28.6 Saved at a financial institution in the past year (%, age 15+) .. .. 17.8 Loan from a financial institution in the past year (%, age 15+) .. .. 11.5 Firms with bank loan/line of credit (%) .. 21.9 .. Firms using banks to finance investments (%) .. 7.7 .. Firms using banks to finance working capital (%) .. 16.0 .. Small firms with bank loan/line of credit (%) .. 21.3 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.9 6.8 4.4 Bank lending-deposit spread 7.0 6.7 6.4 Bank overhead costs to total assets (%) 8.2 6.6 4.3 Bank return on assets (%, after tax) 4.4 2.6 2.7 Bank return on equity (%, after tax) 23.4 15.7 15.5 Efficiency—Financial Markets Stock market turnover ratio (%) 0.0 0.0 .. Stability—Financial Institutions Bank Z-score 18.6 14.5 14.1 Bank nonperforming loans to gross loans (%) 2.0 7.6 6.8 Bank regulatory capital to risk-weighted assets (%) 14.0 33.8 22.2 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 100.0 100.0 Boone indicator –0.42 –0.39 –0.27 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 4.6 6.1 4.1 Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 191 Sweden High income Gross domestic product ($ billions) data 579.7 Population (millions) 9.6 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 93.1 117.5 .. Deposit money banks’ assets to GDP (%) 99.9 125.3 .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 76.7 86.7 92.8 Stock market total value traded to GDP (%) 79.9 160.8 79.0 Outstanding domestic private debt securities to GDP (%) 6.3 12.4 52.4 Outstanding domestic public debt securities to GDP (%) 44.1 26.3 24.8 Outstanding international debt securities to GDP (%) 42.0 54.1 87.7 Syndicated loan issuance volume to GDP (%) 5.4 3.5 4.3 Corporate bond issuance volume to GDP (%) 1.2 1.6 3.2 Syndicated loan average maturity (years) 4.2 3.8 4.5 Corporate bond average maturity (years) 7.6 4.2 5.5 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 23.6 24.0 21.7 Account at a formal financial institution (%, age 15+) .. .. 99.0 Saved at a financial institution in the past year (%, age 15+) .. .. 63.6 Loan from a financial institution in the past year (%, age 15+) .. .. 23.4 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) 4.1 7.4 2.4 Efficiency—Financial Institutions Bank net interest margin (%) 4.3 3.8 2.8 Bank lending-deposit spread 3.3 .. .. Bank overhead costs to total assets (%) 3.1 4.6 2.5 Bank return on assets (%, after tax) 1.1 1.2 1.3 Bank return on equity (%, after tax) 8.7 8.5 9.9 Efficiency—Financial Markets Stock market turnover ratio (%) 103.9 144.1 74.5 Stability—Financial Institutions Bank Z-score 34.3 31.5 34.9 Bank nonperforming loans to gross loans (%) 1.9 0.5 0.6 Bank regulatory capital to risk-weighted assets (%) 10.0 10.2 12.0 Stability—Financial Markets Stock price volatility 32.4 25.5 18.4 Other Indicators—Financial Institutions Bank concentration (%) 49.4 46.2 39.0 Boone indicator –0.02 –0.01 –0.02 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 29.2 37.0 34.9 Stock market return (%, year-on-year) –13.3 –28.6 16.0 192 2015/2016  The Little Data Book on Financial Development Switzerland High income Gross domestic product ($ billions) 685.4 Population (millions) 8.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 142.4 151.9 166.8 Deposit money banks’ assets to GDP (%) 155.2 163.2 176.1 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 194.3 207.8 147.6 Stock market total value traded to GDP (%) 190.0 317.3 114.3 Outstanding domestic private debt securities to GDP (%) 20.3 15.2 14.4 Outstanding domestic public debt securities to GDP (%) 24.7 18.2 16.7 Outstanding international debt securities to GDP (%) 39.9 68.7 55.0 Syndicated loan issuance volume to GDP (%) 4.6 7.3 9.2 Corporate bond issuance volume to GDP (%) 3.0 2.0 3.5 Syndicated loan average maturity (years) 3.4 2.6 2.8 Corporate bond average maturity (years) 8.4 5.6 7.7 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 57.4 53.9 48.0 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 20.2 32.5 28.6 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 28.8 34.1 29.2 Nonfin. corporate bonds to total bonds and notes outstanding (%) 8.9 9.0 8.1 Efficiency—Financial Institutions Bank net interest margin (%) 1.9 1.7 1.4 Bank lending-deposit spread 3.1 3.2 2.7 Bank overhead costs to total assets (%) 2.3 2.2 1.5 Bank return on assets (%, after tax) 0.9 0.9 0.5 Bank return on equity (%, after tax) 9.4 9.7 6.2 Efficiency—Financial Markets Stock market turnover ratio (%) 84.2 131.3 65.2 Stability—Financial Institutions Bank Z-score 45.8 47.1 42.0 Bank nonperforming loans to gross loans (%) 1.3 0.9 0.8 Bank regulatory capital to risk-weighted assets (%) 12.4 15.0 17.5 Stability—Financial Markets Stock price volatility 29.6 21.4 13.4 Other Indicators—Financial Institutions Bank concentration (%) 38.5 39.2 49.3 Boone indicator –0.08 –0.07 –0.06 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 39.4 33.1 29.8 Stock market return (%, year-on-year) –15.5 –22.9 24.2 The Little Data Book on Financial Development  2015/2016 193 Syrian Arab Republic Middle East & North Africa Lower middle income Gross domestic product ($ billions) .. data Population (millions) data 22.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 8.8 14.9 .. Deposit money banks’ assets to GDP (%) 36.9 36.5 .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 1.4 .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 193 186 Bank branches per 100,000 adults (age 15+) 2.5 3.1 3.9 Account at a formal financial institution (%, age 15+) .. .. 23.3 Saved at a financial institution in the past year (%, age 15+) .. .. 5.1 Loan from a financial institution in the past year (%, age 15+) .. .. 13.1 Firms with bank loan/line of credit (%) .. 37.4 .. Firms using banks to finance investments (%) .. 20.7 .. Firms using banks to finance working capital (%) .. 16.0 .. Small firms with bank loan/line of credit (%) .. 27.1 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 1.7 3.9 1.5 Bank lending-deposit spread 0.5 2.1 .. Bank overhead costs to total assets (%) 0.8 1.2 1.5 Bank return on assets (%, after tax) –0.3 1.9 1.4 Bank return on equity (%, after tax) –2.7 28.9 11.1 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 14.0 11.2 17.6 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 99.5 81.1 65.9 Boone indicator –0.20 –0.16 –0.02 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 194 2015/2016  The Little Data Book on Financial Development Europe & Central Asia Tajikistan Low income Gross domestic product ($ billions) 8.5 Population (millions) 8.2 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 10.9 18.0 14.0 Deposit money banks’ assets to GDP (%) 11.0 19.0 16.1 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 173 236 719 Bank branches per 100,000 adults (age 15+) 5.0 5.3 6.7 Account at a formal financial institution (%, age 15+) .. .. 2.5 Saved at a financial institution in the past year (%, age 15+) .. .. 0.3 Loan from a financial institution in the past year (%, age 15+) .. .. 4.8 Firms with bank loan/line of credit (%) .. 33.6 14.6 Firms using banks to finance investments (%) 0.0 21.4 13.4 Firms using banks to finance working capital (%) 3.7 .. 19.4 Small firms with bank loan/line of credit (%) .. 26.7 15.5 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 16.0 6.7 9.1 Bank lending-deposit spread 6.9 14.2 17.8 Bank overhead costs to total assets (%) 17.1 7.2 4.4 Bank return on assets (%, after tax) 3.8 0.9 1.9 Bank return on equity (%, after tax) 14.9 6.2 9.9 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 17.3 9.3 10.9 Bank nonperforming loans to gross loans (%) .. 5.4 16.0 Bank regulatory capital to risk-weighted assets (%) .. 29.2 22.1 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 100.0 97.1 Boone indicator –0.28 –0.11 –0.07 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 195 Tanzania Sub-Saharan Africa Low income Gross domestic product ($ billions) data 43.6 Population (millions) data 49.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 6.3 14.0 16.1 Deposit money banks’ assets to GDP (%) 11.3 21.2 23.9 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 5.6 3.7 4.3 Stock market total value traded to GDP (%) 0.2 0.1 0.1 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 0.6 4.1 0.8 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 7.0 7.6 5.9 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 1.2 1.7 2.6 Account at a formal financial institution (%, age 15+) .. .. 17.3 Saved at a financial institution in the past year (%, age 15+) .. .. 11.9 Loan from a financial institution in the past year (%, age 15+) .. .. 6.6 Firms with bank loan/line of credit (%) .. 16.3 16.6 Firms using banks to finance investments (%) .. 6.8 18.5 Firms using banks to finance working capital (%) .. 17.3 14.7 Small firms with bank loan/line of credit (%) .. 11.3 13.3 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.4 6.7 5.7 Bank lending-deposit spread 11.5 6.7 6.0 Bank overhead costs to total assets (%) 4.7 5.5 5.6 Bank return on assets (%, after tax) 3.2 2.5 0.6 Bank return on equity (%, after tax) 44.2 24.5 5.4 Efficiency—Financial Markets Stock market turnover ratio (%) 3.0 2.2 1.6 Stability—Financial Institutions Bank Z-score 10.6 11.1 12.1 Bank nonperforming loans to gross loans (%) .. 7.8 5.1 Bank regulatory capital to risk-weighted assets (%) .. 18.2 18.1 Stability—Financial Markets Stock price volatility .. 5.3 8.1 Other Indicators—Financial Institutions Bank concentration (%) 100.0 61.5 42.6 Boone indicator –0.08 –0.09 –0.07 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 0.2 0.3 0.4 Stock market return (%, year-on-year) .. 7.4 16.5 196 2015/2016  The Little Data Book on Financial Development East Asia & Pacific Thailand Upper middle income Gross domestic product ($ billions) 387.3 Population (millions) 67.0 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 97.6 93.1 115.9 Deposit money banks’ assets to GDP (%) 114.4 104.2 129.3 Nonbank financial institutions’ assets to GDP (%) .. 57.5 82.0 Depth—Financial Markets Stock market capitalization to GDP (%) 59.3 58.1 88.5 Stock market total value traded to GDP (%) 51.2 43.4 62.9 Outstanding domestic private debt securities to GDP (%) 11.2 41.1 47.0 Outstanding domestic public debt securities to GDP (%) 21.5 21.4 25.3 Outstanding international debt securities to GDP (%) 7.0 3.5 4.5 Syndicated loan issuance volume to GDP (%) 1.5 1.2 2.9 Corporate bond issuance volume to GDP (%) 1.7 2.1 3.8 Syndicated loan average maturity (years) 8.2 9.5 4.9 Corporate bond average maturity (years) 5.7 5.8 6.6 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 1,036 1,173 Bank branches per 100,000 adults (age 15+) 7.8 10.4 12.2 Account at a formal financial institution (%, age 15+) .. .. 72.7 Saved at a financial institution in the past year (%, age 15+) .. .. 42.8 Loan from a financial institution in the past year (%, age 15+) .. .. 19.4 Firms with bank loan/line of credit (%) .. 72.5 .. Firms using banks to finance investments (%) .. 74.4 .. Firms using banks to finance working capital (%) .. 71.9 .. Small firms with bank loan/line of credit (%) .. 55.1 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 78.4 50.4 68.0 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 56.7 50.7 59.4 Nonfin. corporate bonds to total bonds and notes outstanding (%) 29.7 17.8 17.9 Efficiency—Financial Institutions Bank net interest margin (%) 2.2 2.3 0.8 Bank lending-deposit spread 4.6 4.6 4.1 Bank overhead costs to total assets (%) 1.3 0.8 0.5 Bank return on assets (%, after tax) 1.3 0.7 0.3 Bank return on equity (%, after tax) 18.7 7.7 1.4 Efficiency—Financial Markets Stock market turnover ratio (%) 114.2 73.8 70.8 Stability—Financial Institutions Bank Z-score 3.8 4.7 5.2 Bank nonperforming loans to gross loans (%) 13.5 5.7 2.3 Bank regulatory capital to risk-weighted assets (%) 13.4 13.9 15.6 Stability—Financial Markets Stock price volatility 20.3 24.8 16.8 Other Indicators—Financial Institutions Bank concentration (%) 99.8 95.9 97.4 Boone indicator –0.07 –0.06 –0.05 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 6.5 7.9 7.5 Stock market return (%, year-on-year) 32.4 –10.7 20.9 The Little Data Book on Financial Development  2015/2016 197 Timor-Leste East Asia & Pacific Lower middle income Gross domestic product ($ billions) data 1.3 Population (millions) 1.2 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. 11.1 Deposit money banks’ assets to GDP (%) .. .. 11.1 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 67 120 398 Bank branches per 100,000 adults (age 15+) 1.2 2.0 5.1 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 6.9 .. Firms using banks to finance investments (%) .. 1.6 .. Firms using banks to finance working capital (%) .. 2.6 .. Small firms with bank loan/line of credit (%) .. 5.2 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) .. .. .. Bank lending-deposit spread 15.9 12.3 11.5 Bank overhead costs to total assets (%) .. .. .. Bank return on assets (%, after tax) .. .. .. Bank return on equity (%, after tax) .. .. .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score .. .. .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 198 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Togo Low income Gross domestic product ($ billions) 4.3 Population (millions) 6.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 15.3 17.8 30.6 Deposit money banks’ assets to GDP (%) 15.9 24.3 38.7 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 83 215 174 Bank branches per 100,000 adults (age 15+) 1.2 3.9 4.7 Account at a formal financial institution (%, age 15+) .. .. 10.2 Saved at a financial institution in the past year (%, age 15+) .. .. 3.6 Loan from a financial institution in the past year (%, age 15+) .. .. 3.8 Firms with bank loan/line of credit (%) .. 21.6 .. Firms using banks to finance investments (%) .. 16.9 .. Firms using banks to finance working capital (%) .. 16.9 .. Small firms with bank loan/line of credit (%) .. 22.2 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.5 4.0 3.2 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 7.2 5.6 5.6 Bank return on assets (%, after tax) –0.2 2.4 0.7 Bank return on equity (%, after tax) 25.2 25.0 24.5 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 0.9 5.5 2.9 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 100.0 100.0 Boone indicator –0.09 –0.13 –0.09 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 199 Tonga East Asia & Pacific Lower middle income Gross domestic product ($ millions) data 466.3 Population (thousands) data 105.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 41.6 52.2 28.8 Deposit money banks’ assets to GDP (%) 46.2 55.1 34.2 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 24.2 23.4 21.3 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 54.3 .. Firms using banks to finance investments (%) .. 33.9 .. Firms using banks to finance working capital (%) .. 3.0 .. Small firms with bank loan/line of credit (%) .. 52.9 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.1 5.8 .. Bank lending-deposit spread 5.9 5.9 6.9 Bank overhead costs to total assets (%) 5.1 4.8 .. Bank return on assets (%, after tax) 5.0 –3.4 .. Bank return on equity (%, after tax) 35.3 –27.4 .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 6.4 3.2 .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 200 2015/2016  The Little Data Book on Financial Development Trinidad and Tobago High income Gross domestic product ($ billions) 24.6 Population (millions) 1.3 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 25.3 24.1 30.8 Deposit money banks’ assets to GDP (%) 32.0 28.4 46.9 Nonbank financial institutions’ assets to GDP (%) 10.7 3.3 2.6 Depth—Financial Markets Stock market capitalization to GDP (%) 75.9 50.5 65.2 Stock market total value traded to GDP (%) 2.5 1.3 0.6 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 8.4 7.6 11.9 Syndicated loan issuance volume to GDP (%) 3.5 0.7 .. Corporate bond issuance volume to GDP (%) .. 4.4 .. Syndicated loan average maturity (years) 6.0 6.4 .. Corporate bond average maturity (years) .. 10.0 .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 12.6 12.8 12.6 Account at a formal financial institution (%, age 15+) .. .. 75.9 Saved at a financial institution in the past year (%, age 15+) .. .. 44.4 Loan from a financial institution in the past year (%, age 15+) .. .. 8.4 Firms with bank loan/line of credit (%) .. 53.7 .. Firms using banks to finance investments (%) .. 36.7 .. Firms using banks to finance working capital (%) .. 63.8 .. Small firms with bank loan/line of credit (%) .. 46.8 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 5.5 5.2 4.8 Bank lending-deposit spread 8.3 5.1 6.0 Bank overhead costs to total assets (%) 4.8 4.2 5.5 Bank return on assets (%, after tax) 2.5 1.1 –0.3 Bank return on equity (%, after tax) 25.5 7.9 –4.3 Efficiency—Financial Markets Stock market turnover ratio (%) 4.7 2.5 0.8 Stability—Financial Institutions Bank Z-score 12.1 19.4 5.7 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 99.1 100.0 99.1 Boone indicator –0.04 –0.03 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 27.3 28.1 27.7 Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 201 Tunisia Middle East & North Africa Upper middle income Gross domestic product ($ billions) data 47.0 Population (millions) data 10.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 59.3 53.5 69.3 Deposit money banks’ assets to GDP (%) 64.4 58.3 74.1 Nonbank financial institutions’ assets to GDP (%) 6.5 2.5 3.6 Depth—Financial Markets Stock market capitalization to GDP (%) 8.7 13.3 19.4 Stock market total value traded to GDP (%) 0.7 2.4 2.5 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 12.4 17.5 6.4 Syndicated loan issuance volume to GDP (%) 0.0 1.3 0.3 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 6.5 16.2 5.0 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 643 821 Bank branches per 100,000 adults (age 15+) 12.0 14.5 18.3 Account at a formal financial institution (%, age 15+) .. .. 32.2 Saved at a financial institution in the past year (%, age 15+) .. .. 5.0 Loan from a financial institution in the past year (%, age 15+) .. .. 3.2 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 1.4 2.2 0.6 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 1.8 2.0 0.6 Bank return on assets (%, after tax) –0.1 0.8 0.1 Bank return on equity (%, after tax) –0.7 7.3 1.2 Efficiency—Financial Markets Stock market turnover ratio (%) 6.9 25.0 14.3 Stability—Financial Institutions Bank Z-score 8.1 5.7 4.0 Bank nonperforming loans to gross loans (%) 24.2 .. .. Bank regulatory capital to risk-weighted assets (%) 9.3 .. .. Stability—Financial Markets Stock price volatility 8.2 9.3 7.6 Other Indicators—Financial Institutions Bank concentration (%) 100.0 70.6 100.0 Boone indicator –0.01 –0.01 –0.02 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 4.7 4.7 5.5 Stock market return (%, year-on-year) –3.4 16.5 –7.1 202 2015/2016  The Little Data Book on Financial Development Europe & Central Asia Turkey Upper middle income Gross domestic product ($ billions) 822.1 Population (millions) 74.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 13.1 29.6 57.7 Deposit money banks’ assets to GDP (%) 36.2 49.7 74.8 Nonbank financial institutions’ assets to GDP (%) 1.1 5.6 8.0 Depth—Financial Markets Stock market capitalization to GDP (%) 16.9 28.6 31.3 Stock market total value traded to GDP (%) 28.6 37.8 46.6 Outstanding domestic private debt securities to GDP (%) .. 0.1 1.9 Outstanding domestic public debt securities to GDP (%) 38.8 27.7 24.1 Outstanding international debt securities to GDP (%) 8.5 7.0 9.7 Syndicated loan issuance volume to GDP (%) 0.2 1.2 2.1 Corporate bond issuance volume to GDP (%) 0.1 0.0 0.4 Syndicated loan average maturity (years) 4.1 8.3 9.2 Corporate bond average maturity (years) 5.0 5.0 7.3 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 1,420 1,305 1,009 Bank branches per 100,000 adults (age 15+) 14.2 17.1 20.1 Account at a formal financial institution (%, age 15+) .. .. 57.6 Saved at a financial institution in the past year (%, age 15+) .. .. 4.2 Loan from a financial institution in the past year (%, age 15+) .. .. 4.6 Firms with bank loan/line of credit (%) .. 56.8 40.2 Firms using banks to finance investments (%) 14.8 51.9 78.4 Firms using banks to finance working capital (%) 18.8 .. 42.4 Small firms with bank loan/line of credit (%) .. 50.5 39.2 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 43.3 38.1 44.9 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 44.6 44.0 49.3 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. 0.0 0.9 Efficiency—Financial Institutions Bank net interest margin (%) 8.5 13.7 4.2 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 19.7 9.0 3.5 Bank return on assets (%, after tax) 4.9 2.9 0.2 Bank return on equity (%, after tax) 20.5 13.1 1.4 Efficiency—Financial Markets Stock market turnover ratio (%) 194.4 114.7 141.3 Stability—Financial Institutions Bank Z-score 8.6 6.7 3.3 Bank nonperforming loans to gross loans (%) 11.5 3.4 2.6 Bank regulatory capital to risk-weighted assets (%) 30.9 18.0 15.3 Stability—Financial Markets Stock price volatility 45.0 32.7 22.3 Other Indicators—Financial Institutions Bank concentration (%) 100.0 93.1 91.3 Boone indicator –0.18 –0.12 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 4.3 4.5 5.5 Stock market return (%, year-on-year) 11.7 –21.7 22.6 The Little Data Book on Financial Development  2015/2016 203 Turkmenistan Europe & Central Asia Upper middle income Gross domestic product ($ billions) data 41.9 Population (millions) 5.2 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. .. .. Account at a formal financial institution (%, age 15+) .. .. 0.4 Saved at a financial institution in the past year (%, age 15+) .. .. 0.1 Loan from a financial institution in the past year (%, age 15+) .. .. 0.8 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 0.7 1.1 2.2 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 0.5 0.7 0.5 Bank return on assets (%, after tax) 0.7 7.4 0.9 Bank return on equity (%, after tax) 24.0 83.0 23.4 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 2.2 8.9 2.5 Bank nonperforming loans to gross loans (%) .. 0.1 0.0 Bank regulatory capital to risk-weighted assets (%) .. 16.5 45.3 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. 204 2015/2016  The Little Data Book on Financial Development East Asia & Pacific Tuvalu Upper middle income Gross domestic product ($ millions) 38.3 Population (thousands) 9.9 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. .. .. Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 8.5 6.8 .. Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 4.9 4.5 .. Bank return on assets (%, after tax) 2.4 2.9 .. Bank return on equity (%, after tax) 16.9 15.4 .. Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 16.9 19.7 .. Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator .. .. .. Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 205 Uganda Sub-Saharan Africa Low income Gross domestic product ($ billions) 24.7 data Population (millions) data 37.6 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 7.6 11.2 15.0 Deposit money banks’ assets to GDP (%) 14.8 17.4 21.2 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 0.7 18.8 32.1 Stock market total value traded to GDP (%) 0.0 0.2 0.1 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 2.4 0.6 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 2.9 7.5 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 87 149 187 Bank branches per 100,000 adults (age 15+) 1.1 2.0 2.9 Account at a formal financial institution (%, age 15+) .. .. 20.5 Saved at a financial institution in the past year (%, age 15+) .. .. 16.3 Loan from a financial institution in the past year (%, age 15+) .. .. 8.9 Firms with bank loan/line of credit (%) .. 17.2 9.8 Firms using banks to finance investments (%) .. 7.7 8.2 Firms using banks to finance working capital (%) .. 14.0 21.7 Small firms with bank loan/line of credit (%) .. 15.4 9.3 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 12.3 9.1 10.6 Bank lending-deposit spread 9.1 9.8 11.4 Bank overhead costs to total assets (%) 6.5 7.6 7.1 Bank return on assets (%, after tax) 3.3 3.4 2.9 Bank return on equity (%, after tax) 41.5 27.5 17.7 Efficiency—Financial Markets Stock market turnover ratio (%) 2.4 0.3 0.1 Stability—Financial Institutions Bank Z-score 11.3 17.4 19.0 Bank nonperforming loans to gross loans (%) 7.2 2.2 5.6 Bank regulatory capital to risk-weighted assets (%) 16.9 20.7 22.9 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 75.1 61.3 57.7 Boone indicator –0.07 –0.10 –0.07 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 0.1 0.2 0.3 Stock market return (%, year-on-year) .. .. .. 206 2015/2016  The Little Data Book on Financial Development Europe & Central Asia Ukraine Lower middle income Gross domestic product ($ billions) 177.4 Population (millions) 45.5 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 19.6 59.6 55.4 Deposit money banks’ assets to GDP (%) 22.3 63.6 66.3 Nonbank financial institutions’ assets to GDP (%) .. 32.8 30.2 Depth—Financial Markets Stock market capitalization to GDP (%) 7.4 40.2 13.1 Stock market total value traded to GDP (%) 0.2 1.3 1.6 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 5.5 6.6 15.5 Syndicated loan issuance volume to GDP (%) 0.1 1.1 1.4 Corporate bond issuance volume to GDP (%) 0.9 0.6 1.6 Syndicated loan average maturity (years) 3.0 4.5 2.9 Corporate bond average maturity (years) 3.2 3.8 5.5 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 2,707 3,097 1,901 Bank branches per 100,000 adults (age 15+) 3.7 3.7 0.9 Account at a formal financial institution (%, age 15+) .. .. 41.3 Saved at a financial institution in the past year (%, age 15+) .. .. 5.4 Loan from a financial institution in the past year (%, age 15+) .. .. 8.1 Firms with bank loan/line of credit (%) .. 31.8 18.4 Firms using banks to finance investments (%) 8.4 32.1 30.4 Firms using banks to finance working capital (%) 14.9 .. 14.8 Small firms with bank loan/line of credit (%) .. 26.3 14.7 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 7.2 5.5 4.7 Bank lending-deposit spread 10.9 7.5 5.9 Bank overhead costs to total assets (%) 5.2 1.9 4.6 Bank return on assets (%, after tax) 2.6 1.3 –0.6 Bank return on equity (%, after tax) 16.7 9.9 –3.7 Efficiency—Financial Markets Stock market turnover ratio (%) 2.9 3.5 5.2 Stability—Financial Institutions Bank Z-score 14.4 12.9 11.8 Bank nonperforming loans to gross loans (%) 28.3 3.9 12.9 Bank regulatory capital to risk-weighted assets (%) 15.2 14.0 18.3 Stability—Financial Markets Stock price volatility .. 52.9 33.5 Other Indicators—Financial Institutions Bank concentration (%) 65.9 90.7 22.2 Boone indicator –0.07 –0.04 –0.09 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 3.1 5.4 4.3 Stock market return (%, year-on-year) .. –37.6 –21.8 The Little Data Book on Financial Development  2015/2016 207 United Arab Emirates High income Gross domestic product ($ billions) data 402.3 Population (millions) 9.3 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. 58.5 60.3 Deposit money banks’ assets to GDP (%) .. 70.0 79.5 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. 32.2 18.4 Stock market total value traded to GDP (%) .. 49.2 4.4 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. 20.5 28.1 Syndicated loan issuance volume to GDP (%) 2.1 8.4 3.2 Corporate bond issuance volume to GDP (%) 1.1 2.0 1.7 Syndicated loan average maturity (years) 13.6 4.8 8.7 Corporate bond average maturity (years) 8.6 4.9 10.8 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 17.3 12.9 12.4 Account at a formal financial institution (%, age 15+) .. .. 59.7 Saved at a financial institution in the past year (%, age 15+) .. .. 19.2 Loan from a financial institution in the past year (%, age 15+) .. .. 10.8 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. 12.1 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. 29.9 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.7 2.6 3.1 Bank lending-deposit spread 4.4 .. .. Bank overhead costs to total assets (%) 1.4 1.3 1.3 Bank return on assets (%, after tax) 2.2 1.7 1.7 Bank return on equity (%, after tax) 14.4 16.5 12.6 Efficiency—Financial Markets Stock market turnover ratio (%) .. 142.6 25.7 Stability—Financial Institutions Bank Z-score 23.8 16.6 21.6 Bank nonperforming loans to gross loans (%) 14.3 2.3 7.3 Bank regulatory capital to risk-weighted assets (%) 18.6 13.0 19.3 Stability—Financial Markets Stock price volatility 11.6 20.1 10.0 Other Indicators—Financial Institutions Bank concentration (%) 50.7 50.6 63.5 Boone indicator –0.03 –0.03 –0.03 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 8.9 14.1 11.1 Stock market return (%, year-on-year) 16.1 24.5 37.8 208 2015/2016  The Little Data Book on Financial Development United Kingdom High income Gross domestic product ($ billions) 2,678.5 Population (millions) 64.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 130.0 187.2 158.0 Deposit money banks’ assets to GDP (%) 130.0 187.2 158.0 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 115.2 97.7 112.1 Stock market total value traded to GDP (%) 110.1 288.6 103.4 Outstanding domestic private debt securities to GDP (%) 17.0 15.6 12.3 Outstanding domestic public debt securities to GDP (%) 27.6 31.7 58.6 Outstanding international debt securities to GDP (%) 46.1 85.8 105.0 Syndicated loan issuance volume to GDP (%) 8.1 7.2 5.6 Corporate bond issuance volume to GDP (%) 3.5 3.2 4.2 Syndicated loan average maturity (years) 4.5 5.8 5.8 Corporate bond average maturity (years) 11.4 9.7 12.9 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 29.1 26.2 22.2 Account at a formal financial institution (%, age 15+) .. .. 97.2 Saved at a financial institution in the past year (%, age 15+) .. .. 43.8 Loan from a financial institution in the past year (%, age 15+) .. .. 11.8 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 64.5 72.2 69.1 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 57.3 53.7 69.0 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 1.8 1.5 1.5 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 2.9 1.4 1.9 Bank return on assets (%, after tax) 1.0 0.6 0.8 Bank return on equity (%, after tax) 8.3 7.2 8.7 Efficiency—Financial Markets Stock market turnover ratio (%) 98.8 237.8 84.9 Stability—Financial Institutions Bank Z-score 36.5 23.3 23.5 Bank nonperforming loans to gross loans (%) 2.5 1.6 3.7 Bank regulatory capital to risk-weighted assets (%) 13.0 12.9 16.4 Stability—Financial Markets Stock price volatility 24.9 22.2 14.1 Other Indicators—Financial Institutions Bank concentration (%) 40.8 46.3 45.0 Boone indicator –0.04 –0.03 –0.02 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 38.7 41.8 34.2 Stock market return (%, year-on-year) –10.9 –17.6 14.8 The Little Data Book on Financial Development  2015/2016 209 United States High income data Gross domestic product ($ billions) 16,768.1 Population (millions) data 316.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 49.9 60.7 48.7 Deposit money banks’ assets to GDP (%) 55.7 68.2 58.1 Nonbank financial institutions’ assets to GDP (%) 256.6 300.7 296.7 Depth—Financial Markets Stock market capitalization to GDP (%) 110.9 110.3 107.0 Stock market total value traded to GDP (%) 179.5 371.1 162.9 Outstanding domestic private debt securities to GDP (%) 103.0 120.0 91.9 Outstanding domestic public debt securities to GDP (%) 43.5 57.6 82.6 Outstanding international debt securities to GDP (%) 17.4 24.0 17.8 Syndicated loan issuance volume to GDP (%) 6.8 6.6 11.9 Corporate bond issuance volume to GDP (%) 3.4 2.6 4.6 Syndicated loan average maturity (years) 3.2 3.7 4.7 Corporate bond average maturity (years) 11.7 10.2 11.1 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 32.5 35.0 33.9 Account at a formal financial institution (%, age 15+) .. .. 88.0 Saved at a financial institution in the past year (%, age 15+) .. .. 50.4 Loan from a financial institution in the past year (%, age 15+) .. .. 20.1 Firms with bank loan/line of credit (%) .. .. .. Firms using banks to finance investments (%) .. .. .. Firms using banks to finance working capital (%) .. .. .. Small firms with bank loan/line of credit (%) .. .. .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) 79.7 79.4 54.7 Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) 70.8 72.1 75.5 Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.7 3.1 3.4 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 3.3 2.8 2.8 Bank return on assets (%, after tax) 1.4 0.1 1.1 Bank return on equity (%, after tax) 14.9 1.4 9.4 Efficiency—Financial Markets Stock market turnover ratio (%) 121.8 394.3 123.6 Stability—Financial Institutions Bank Z-score 25.4 22.5 29.1 Bank nonperforming loans to gross loans (%) 1.1 3.0 2.5 Bank regulatory capital to risk-weighted assets (%) 13.0 12.8 14.4 Stability—Financial Markets Stock price volatility 24.7 21.4 13.9 Other Indicators—Financial Institutions Bank concentration (%) 23.4 35.5 34.9 Boone indicator –0.06 –0.06 –0.05 Banking crisis dummy 0 1 1 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 18.3 18.4 13.1 Stock market return (%, year-on-year) –2.9 –17.4 19.2 210 2015/2016  The Little Data Book on Financial Development Latin America & Caribbean Uruguay Upper middle income Gross domestic product ($ billions) 55.7 Population (millions) 3.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 52.7 24.0 24.4 Deposit money banks’ assets to GDP (%) 63.8 28.3 28.0 Nonbank financial institutions’ assets to GDP (%) 0.0 0.0 0.0 Depth—Financial Markets Stock market capitalization to GDP (%) 0.5 0.6 0.3 Stock market total value traded to GDP (%) 0.0 0.0 0.0 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 31.7 32.0 19.5 Syndicated loan issuance volume to GDP (%) 0.2 2.0 0.2 Corporate bond issuance volume to GDP (%) .. .. 0.2 Syndicated loan average maturity (years) 3.5 10.0 15.0 Corporate bond average maturity (years) .. .. 6.1 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 339 501 746 Bank branches per 100,000 adults (age 15+) 12.8 13.6 12.7 Account at a formal financial institution (%, age 15+) .. .. 23.5 Saved at a financial institution in the past year (%, age 15+) .. .. 5.7 Loan from a financial institution in the past year (%, age 15+) .. .. 14.8 Firms with bank loan/line of credit (%) .. 48.6 .. Firms using banks to finance investments (%) .. 13.7 .. Firms using banks to finance working capital (%) .. 26.4 .. Small firms with bank loan/line of credit (%) .. 41.9 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 5.6 6.2 3.7 Bank lending-deposit spread 29.3 9.2 7.8 Bank overhead costs to total assets (%) 9.6 4.0 3.4 Bank return on assets (%, after tax) –1.7 1.5 1.0 Bank return on equity (%, after tax) –28.6 15.9 9.8 Efficiency—Financial Markets Stock market turnover ratio (%) 0.8 4.5 0.8 Stability—Financial Institutions Bank Z-score 0.9 2.5 2.7 Bank nonperforming loans to gross loans (%) 14.3 0.5 1.3 Bank regulatory capital to risk-weighted assets (%) 18.1 15.8 15.6 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 57.5 64.5 59.0 Boone indicator –0.04 –0.04 –0.05 Banking crisis dummy 1 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 3.6 2.4 1.8 Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 211 Uzbekistan Europe & Central Asia Lower middle income Gross domestic product ($ billions) 56.8 data Population (millions) data 30.2 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) .. .. .. Deposit money banks’ assets to GDP (%) .. .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 0.3 12.5 5.8 Corporate bond issuance volume to GDP (%) 0.1 .. .. Syndicated loan average maturity (years) 3.0 .. 14.5 Corporate bond average maturity (years) 2.1 .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 521 891 915 Bank branches per 100,000 adults (age 15+) 39.5 46.0 39.8 Account at a formal financial institution (%, age 15+) .. .. 22.5 Saved at a financial institution in the past year (%, age 15+) .. .. 0.8 Loan from a financial institution in the past year (%, age 15+) .. .. 1.5 Firms with bank loan/line of credit (%) .. 10.5 26.4 Firms using banks to finance investments (%) 0.0 8.2 16.2 Firms using banks to finance working capital (%) 2.0 .. 13.0 Small firms with bank loan/line of credit (%) .. 9.5 26.4 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 10.5 4.5 2.8 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 11.1 6.2 3.6 Bank return on assets (%, after tax) 3.9 1.9 1.0 Bank return on equity (%, after tax) 24.1 12.5 10.5 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 9.1 9.0 5.3 Bank nonperforming loans to gross loans (%) .. 3.0 0.4 Bank regulatory capital to risk-weighted assets (%) .. 23.2 24.3 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 87.0 100.0 99.5 Boone indicator –0.34 –0.26 –0.25 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 18.7 4.2 4.5 Stock market return (%, year-on-year) .. .. .. 212 2015/2016  The Little Data Book on Financial Development East Asia & Pacific Vanuatu Lower middle income Gross domestic product ($ millions) 828.2 Population (thousands) 252.8 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 36.5 45.5 68.1 Deposit money banks’ assets to GDP (%) 39.2 46.4 70.1 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) 19.6 20.3 22.6 Account at a formal financial institution (%, age 15+) .. .. .. Saved at a financial institution in the past year (%, age 15+) .. .. .. Loan from a financial institution in the past year (%, age 15+) .. .. .. Firms with bank loan/line of credit (%) .. 45.8 .. Firms using banks to finance investments (%) .. 41.4 .. Firms using banks to finance working capital (%) .. 33.2 .. Small firms with bank loan/line of credit (%) .. 45.2 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 5.6 4.2 2.8 Bank lending-deposit spread 4.7 4.0 3.8 Bank overhead costs to total assets (%) 8.1 3.6 3.1 Bank return on assets (%, after tax) 1.6 3.4 0.0 Bank return on equity (%, after tax) 25.5 28.2 0.2 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 5.2 11.3 7.8 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) .. .. .. Boone indicator 0.00 –0.03 0.00 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 213 Venezuela, RB Latin America & Caribbean Upper middle income Gross domestic product ($ billions) data 438.3 Population (millions) data 30.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 8.4 19.0 20.1 Deposit money banks’ assets to GDP (%) 12.1 21.8 30.0 Nonbank financial institutions’ assets to GDP (%) 0.4 0.7 .. Depth—Financial Markets Stock market capitalization to GDP (%) 4.1 1.5 3.7 Stock market total value traded to GDP (%) 0.1 0.0 0.0 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 20.4 10.2 11.4 Syndicated loan issuance volume to GDP (%) 0.9 0.4 0.2 Corporate bond issuance volume to GDP (%) 0.7 1.3 1.0 Syndicated loan average maturity (years) 8.1 1.0 2.7 Corporate bond average maturity (years) 8.0 4.5 13.0 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 370 726 1,236 Bank branches per 100,000 adults (age 15+) 15.4 18.2 16.8 Account at a formal financial institution (%, age 15+) .. .. 44.1 Saved at a financial institution in the past year (%, age 15+) .. .. 13.6 Loan from a financial institution in the past year (%, age 15+) .. .. 1.7 Firms with bank loan/line of credit (%) .. 35.4 .. Firms using banks to finance investments (%) .. 35.3 .. Firms using banks to finance working capital (%) .. 27.1 .. Small firms with bank loan/line of credit (%) .. 25.6 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 16.4 7.1 8.4 Bank lending-deposit spread 8.0 6.2 1.4 Bank overhead costs to total assets (%) 8.7 4.8 4.4 Bank return on assets (%, after tax) 4.9 1.6 2.8 Bank return on equity (%, after tax) 32.4 12.7 32.9 Efficiency—Financial Markets Stock market turnover ratio (%) 4.3 0.9 0.3 Stability—Financial Institutions Bank Z-score 14.2 9.8 7.5 Bank nonperforming loans to gross loans (%) 7.7 1.9 0.7 Bank regulatory capital to risk-weighted assets (%) 25.1 13.4 15.6 Stability—Financial Markets Stock price volatility 27.1 26.6 29.6 Other Indicators—Financial Institutions Bank concentration (%) 46.1 44.0 55.0 Boone indicator –0.15 –0.09 –0.08 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 2.1 2.1 1.4 Stock market return (%, year-on-year) 98.2 –12.7 386.4 214 2015/2016  The Little Data Book on Financial Development East Asia & Pacific Vietnam Lower middle income Gross domestic product ($ billions) 171.4 Population (millions) 89.7 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 43.2 78.3 91.6 Deposit money banks’ assets to GDP (%) 47.4 86.7 103.4 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 0.4 15.9 16.2 Stock market total value traded to GDP (%) 0.1 10.4 2.9 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) 2.6 2.0 1.8 Syndicated loan issuance volume to GDP (%) 1.3 2.5 4.6 Corporate bond issuance volume to GDP (%) .. 0.2 0.1 Syndicated loan average maturity (years) 10.8 10.5 14.3 Corporate bond average maturity (years) .. 6.1 4.5 Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. .. .. Bank branches per 100,000 adults (age 15+) .. 3.3 3.7 Account at a formal financial institution (%, age 15+) .. .. 21.4 Saved at a financial institution in the past year (%, age 15+) .. .. 7.7 Loan from a financial institution in the past year (%, age 15+) .. .. 16.2 Firms with bank loan/line of credit (%) .. 49.9 .. Firms using banks to finance investments (%) .. 21.5 .. Firms using banks to finance working capital (%) .. 47.0 .. Small firms with bank loan/line of credit (%) .. 36.5 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 2.8 3.0 2.8 Bank lending-deposit spread 2.9 3.1 3.2 Bank overhead costs to total assets (%) 1.6 1.5 1.9 Bank return on assets (%, after tax) 1.3 1.6 0.6 Bank return on equity (%, after tax) 11.5 15.2 5.6 Efficiency—Financial Markets Stock market turnover ratio (%) 31.1 41.3 13.3 Stability—Financial Institutions Bank Z-score 30.2 33.7 27.9 Bank nonperforming loans to gross loans (%) .. 2.2 3.4 Bank regulatory capital to risk-weighted assets (%) .. 13.9 11.8 Stability—Financial Markets Stock price volatility 13.6 30.7 19.8 Other Indicators—Financial Institutions Bank concentration (%) 69.1 57.7 45.4 Boone indicator –0.07 –0.10 –0.07 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 0.3 2.0 3.5 Stock market return (%, year-on-year) –20.9 –50.9 18.7 The Little Data Book on Financial Development  2015/2016 215 West Bank and Gaza Middle East & North Africa Lower middle income Gross domestic product ($ billions) data 11.3 Population (millions) 4.2 data 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 6.0 .. .. Deposit money banks’ assets to GDP (%) 7.4 .. .. Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 19.9 .. .. Stock market total value traded to GDP (%) 1.7 .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. 1.3 1.2 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. 7.0 7.0 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) .. 575 597 Bank branches per 100,000 adults (age 15+) 8.8 10.4 10.6 Account at a formal financial institution (%, age 15+) .. .. 19.4 Saved at a financial institution in the past year (%, age 15+) .. .. 5.5 Loan from a financial institution in the past year (%, age 15+) .. .. 4.1 Firms with bank loan/line of credit (%) .. 18.0 6.0 Firms using banks to finance investments (%) .. 4.2 9.9 Firms using banks to finance working capital (%) .. 14.2 11.3 Small firms with bank loan/line of credit (%) .. 11.2 4.0 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.4 5.2 4.7 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 3.8 3.0 2.7 Bank return on assets (%, after tax) 0.8 2.2 1.7 Bank return on equity (%, after tax) 10.7 20.0 15.3 Efficiency—Financial Markets Stock market turnover ratio (%) 9.5 .. .. Stability—Financial Institutions Bank Z-score 10.7 16.8 16.8 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility 27.7 27.4 7.8 Other Indicators—Financial Institutions Bank concentration (%) .. 100.0 .. Boone indicator –0.03 0.00 –0.01 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 8.6 10.3 11.6 Stock market return (%, year-on-year) 5.3 17.8 2.0 216 2015/2016  The Little Data Book on Financial Development Middle East & North Africa Yemen, Rep.Lower middle income Gross domestic product ($ billions) 36.0 Population (millions) 24.4 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 4.9 6.6 5.4 Deposit money banks’ assets to GDP (%) 8.6 11.6 19.5 Nonbank financial institutions’ assets to GDP (%) .. .. .. Depth—Financial Markets Stock market capitalization to GDP (%) .. .. .. Stock market total value traded to GDP (%) .. .. .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 0.1 9.2 1.3 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 5.0 14.6 .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 55 86 120 Bank branches per 100,000 adults (age 15+) 1.8 2.0 1.8 Account at a formal financial institution (%, age 15+) .. .. 3.7 Saved at a financial institution in the past year (%, age 15+) .. .. 1.1 Loan from a financial institution in the past year (%, age 15+) .. .. 0.9 Firms with bank loan/line of credit (%) .. 8.1 .. Firms using banks to finance investments (%) .. 4.2 .. Firms using banks to finance working capital (%) .. 6.0 .. Small firms with bank loan/line of credit (%) .. 5.7 .. Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 3.9 3.8 4.3 Bank lending-deposit spread 5.0 5.0 6.8 Bank overhead costs to total assets (%) 2.5 1.5 3.3 Bank return on assets (%, after tax) 1.0 1.5 0.7 Bank return on equity (%, after tax) 11.7 14.6 5.5 Efficiency—Financial Markets Stock market turnover ratio (%) .. .. .. Stability—Financial Institutions Bank Z-score 15.5 22.0 21.7 Bank nonperforming loans to gross loans (%) .. 18.0 21.7 Bank regulatory capital to risk-weighted assets (%) .. 14.6 26.4 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 87.0 .. Boone indicator –0.01 –0.02 0.01 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people .. .. .. Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 217 Zambia Sub-Saharan Africa Lower middle income Gross domestic product ($ billions) data 26.8 Population (millions) data 14.5 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 5.8 13.5 .. Deposit money banks’ assets to GDP (%) 13.7 19.3 .. Nonbank financial institutions’ assets to GDP (%) .. .. 11.2 Depth—Financial Markets Stock market capitalization to GDP (%) 9.4 12.0 13.8 Stock market total value traded to GDP (%) 0.1 0.5 0.6 Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) 1.5 0.3 10.4 Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) 0.9 1.3 5.1 Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 13 28 .. Bank branches per 100,000 adults (age 15+) 3.1 3.7 4.9 Account at a formal financial institution (%, age 15+) .. .. 21.4 Saved at a financial institution in the past year (%, age 15+) .. .. 11.8 Loan from a financial institution in the past year (%, age 15+) .. .. 6.1 Firms with bank loan/line of credit (%) .. 16.0 8.8 Firms using banks to finance investments (%) .. 10.2 12.2 Firms using banks to finance working capital (%) .. 15.0 9.9 Small firms with bank loan/line of credit (%) .. 6.3 5.2 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 6.0 9.9 8.7 Bank lending-deposit spread 18.6 12.5 3.0 Bank overhead costs to total assets (%) 10.2 7.6 7.0 Bank return on assets (%, after tax) –0.2 2.2 2.8 Bank return on equity (%, after tax) –1.4 19.1 19.4 Efficiency—Financial Markets Stock market turnover ratio (%) 2.4 4.2 5.7 Stability—Financial Institutions Bank Z-score 9.4 11.5 15.3 Bank nonperforming loans to gross loans (%) .. 14.8 7.0 Bank regulatory capital to risk-weighted assets (%) .. 22.1 26.8 Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 73.8 71.1 61.0 Boone indicator –0.14 –0.08 –0.09 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 1.1 1.5 1.4 Stock market return (%, year-on-year) .. .. .. 218 2015/2016  The Little Data Book on Financial Development Sub-Saharan Africa Zimbabwe Low income Gross domestic product ($ billions) 13.5 Population (millions) 14.1 2003 2008 2013 Depth—Financial Institutions Private credit by deposit money banks to GDP (%) 20.8 .. .. Deposit money banks’ assets to GDP (%) 31.2 .. .. Nonbank financial institutions’ assets to GDP (%) 6.7 .. .. Depth—Financial Markets Stock market capitalization to GDP (%) 996.9 548.6 .. Stock market total value traded to GDP (%) 163.3 50.3 .. Outstanding domestic private debt securities to GDP (%) .. .. .. Outstanding domestic public debt securities to GDP (%) .. .. .. Outstanding international debt securities to GDP (%) .. .. .. Syndicated loan issuance volume to GDP (%) .. .. .. Corporate bond issuance volume to GDP (%) .. .. .. Syndicated loan average maturity (years) .. .. .. Corporate bond average maturity (years) .. .. .. Access—Financial Institutions Bank accounts per 1,000 adults (age 15+) 492 212 116 Bank branches per 100,000 adults (age 15+) 2.7 3.3 5.1 Account at a formal financial institution (%, age 15+) .. .. 39.7 Saved at a financial institution in the past year (%, age 15+) .. .. 17.3 Loan from a financial institution in the past year (%, age 15+) .. .. 4.9 Firms with bank loan/line of credit (%) .. .. 12.5 Firms using banks to finance investments (%) .. .. 13.1 Firms using banks to finance working capital (%) .. .. 12.8 Small firms with bank loan/line of credit (%) .. .. 4.2 Access—Financial Markets Value traded excluding top 10 traded companies to tot. val. traded (%) .. .. .. Mkt. cap. excluding top 10 companies to tot. mkt. cap. (%) .. .. .. Nonfin. corporate bonds to total bonds and notes outstanding (%) .. .. .. Efficiency—Financial Institutions Bank net interest margin (%) 0.0 10.6 8.6 Bank lending-deposit spread .. .. .. Bank overhead costs to total assets (%) 0.0 12.6 8.8 Bank return on assets (%, after tax) 0.0 2.4 0.8 Bank return on equity (%, after tax) 0.0 19.7 5.3 Efficiency—Financial Markets Stock market turnover ratio (%) 2.4 0.0 .. Stability—Financial Institutions Bank Z-score 1.5 2.3 2.5 Bank nonperforming loans to gross loans (%) .. .. .. Bank regulatory capital to risk-weighted assets (%) .. .. .. Stability—Financial Markets Stock price volatility .. .. .. Other Indicators—Financial Institutions Bank concentration (%) 100.0 65.6 66.8 Boone indicator 0.00 –0.26 –0.21 Banking crisis dummy 0 0 0 Other Indicators—Financial Markets Number of listed firms per 1,000,000 people 6.4 6.1 5.5 Stock market return (%, year-on-year) .. .. .. The Little Data Book on Financial Development  2015/2016 219 Glossary Account at a formal financial institution is the percentage of adults (age 15+) with an account (self or together with someone else) at a bank, credit union, another financial institution (e.g., cooperative, microfinance institu- tion), or the post office (if applicable) including adults who reported having a debit card. (Demirgüç-Kunt and Klapper, 2012) Bank accounts refers to the number of depositors with commercial banks per 1,000 adults (age 15+). (International Monetary Fund) Bank branches refers to the number of commercial bank branches per 100,000 adults (age 15+). (International Monetary Fund) Bank concentration is the percentage of assets of the three largest com- mercial banks to total commercial banking assets. Total assets include total earning assets, cash and due from banks, foreclosed real estate, fixed as- sets, goodwill, other intangibles, current tax assets, deferred tax, discontin- ued operations and other assets. (Čihák, Demirgüç-Kunt, Feyen, and Levine, 2012) Bank lending-deposit spread is the difference between the lending rate charged by banks on loans to the private sector and the deposit interest rate offered by commercial banks on three-month deposits. (International Mon- etary Fund) Bank net interest margin refers to the accounting value of a bank’s net inter- est revenue as a share of its average interest-bearing (total earning) assets. (Čihák, Demirgüç-Kunt, Feyen, and Levine, 2012) Bank nonperforming loans to gross loans is the percentage of defaulting loans (payments of interest and principal past due by 90 days or more) to total gross loans (the total value of the loan portfolio). The loan amount recorded as nonperforming includes the gross value of the loan as recorded on the balance sheet, not just the amount that is overdue. (International Monetary Fund) Bank overhead costs to total assets refers to the operating expenses of a bank as a share of the value of all held assets. Total assets include total earn- ing assets, cash and due from banks, foreclosed real estate, fixed assets, goodwill, other intangibles, current tax assets, deferred tax, discontinued op- erations, and other assets. (Čihák, Demirgüç-Kunt, Feyen, and Levine, 2012) Bank regulatory capital to risk-weighted assets refers to the capital adequa- cy of deposit takers. It is a ratio of total regulatory capital to its held assets, weighted according to risk of those assets. (International Monetary Fund) Bank return on assets refers to the percentage of commercial banks’ after tax income to yearly averaged total assets. (Čihák, Demirgüç-Kunt, Feyen, and Levine, 2012) Bank return on equity refers to the percentage of commercial banks’ after tax income to yearly averaged equity. (Čihák, Demirgüç-Kunt, Feyen, and Levine, 2012) 220 2015/2016  The Little Data Book on Financial Development Glossary Bank Z- score captures the probability of default of a country’s banking sys- tem. Z-score compares the buffer of a country’s banking system (capitaliza- tion and returns) with the volatility of those returns. (Čihák, Demirgüç-Kunt, Feyen, and Levine, 2012) Banking crisis is a dummy variable for the presence of a banking crisis (1=banking crisis, 0=none). A banking crisis is defined as systemic if two conditions are met: 1) significant signs of financial distress in the banking system (as indicated by significant bank runs, losses in the banking system, and/or bank liquidations), and 2) significant banking policy intervention mea- sures in response to significant losses in the banking system. The first year that both criteria are met is considered the year when the crisis starts be- coming systemic. The end of a crisis is defined the year before both real GDP growth and real credit growth are positive for at least two consecutive years. (Luc Laeven and Fabian Valencia, 2012 “Systemic Banking Crises Database: An Update.” IMF Working Paper No. 12/163) Boone indicator measures the degree of competition based on profit- efficiency in the banking market. It is calculated as the elasticity of profits to marginal costs. An increase in the Boone indicator implies a deterioration of the competitive conduct of financial intermediaries. (Čihák, Demirgüç-Kunt, Feyen, and Levine, 2012) Corporate bond issuance volume to GDP (%) refers to the ratio of new corpo- rate bond issuance volume by private entities in industries other than finance, holding companies, and insurance to GDP. (World Bank FinDebt Database). Corporate bond average maturity (years) is the volume weighted average maturity of new corporate bond issuance by private entities in industries other than finance, holding companies, and insurance, in years (World Bank FinDebt Database). Deposit money banks’ assets refers to total assets held by deposit money banks. Assets include claims on the domestic real nonfinancial sector, which includes central, state, and local governments; nonfinancial public enterprises; and the private sector. Deposit money banks comprise commercial banks and other financial institutions that accept transferable deposits, such as demand deposits. Data are shown as a percentage of GDP. (International Monetary Fund and World Bank GDP estimates) Firms using banks to finance investments refers to the percentage of firms in the formal sector that use banks to finance their investment. Data are shown as a percentage of total firms in the formal sector. (World Bank Enterprise Surveys) Firms using banks to finance working capital refers to the percentage of firms in the formal sector that use banks to finance their working capital. Data are shown as a percentage of total firms in the formal sector. (World Bank Enterprise Surveys) The Little Data Book on Financial Development  2015/2016 221 Glossary Firms with a bank loan/line of credit refers to the percentage of firms in the formal sector with a line of credit or a loan from a financial institution. Data are shown as a percentage of total firms in the formal sector. (World Bank Enterprise Surveys) Gross domestic product is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degrada- tion of natural resources. Data are for 2013. (World Bank, Organisation for Economic Co-operation and Development, and United Nations) Loan from a financial institution is the percentage of adults (age 15+) who report borrowing any money from a bank, credit union, microfinance institu- tion, or another financial institution such as a cooperative in the past 12 months. (Demirgüç-Kunt and Klapper, 2012) Market capitalization excluding top 10 companies refers to the value of listed shares outside of the top 10 largest companies to the total value of all listed shares. (World Federation of Exchanges) Nonbank financial institutions’ assets refers to total assets held by finan- cial institutions that do not accept transferable deposits but that perform financial intermediation by accepting other types of deposits or by issuing securities or other liabilities that are close substitutes for deposits. It cov- ers institutions such as saving and mortgage loan institutions, post-office savings institutions, building and loan associations, finance companies that accept deposits or deposit substitutes, development banks, and offshore banking institutions. Assets include claims on the domestic real nonfinancial sector, which includes central, state, and local governments; nonfinancial public enterprises; and the private sector. Data are shown as a percentage of GDP. (International Monetary Fund, and World Bank GDP estimates) Nonfinancial corporate bonds to total bonds and notes outstanding refers to the total amount of domestic nonfinancial corporate bonds and notes out- standing to the total amount of domestic bonds and notes outstanding, both corporate and noncorporate. (Bank for International Settlements) Number of listed firms is the number of domestically incorporated companies listed on the country’s stock exchanges at the end of the year per 1,000,000 people. Investment companies, mutual funds, or other collective investment vehicles are excluded. (Standard & Poor’s, Global Stock Markets Factbook, and supplemental S&P data) Outstanding domestic private debt securities is the total amount of domes- tic private debt securities (amounts outstanding) issued in domestic markets. It covers long-term bonds and notes, commercial paper, and other short- term notes. Data are shown as a percentage of GDP. (Bank for International Settlements) 222 2015/2016  The Little Data Book on Financial Development Glossary Outstanding domestic public debt securities is the total amount of domestic public debt securities (amounts outstanding) issued in domestic markets. It covers long-term bonds and notes, treasury bills, commercial paper, and other short-term notes. Data are shown as a percentage of GDP. (Bank for International Settlements) Outstanding international debt securities is the total amount of international debt securities (amounts outstanding), both public and private. It covers long- term bonds and notes and money market instruments placed on international markets. Data are shown as a percentage of GDP. (Bank for International Settlements) Population is the midyear estimate of all residents regardless of legal status or citizenship, except for refugees not permanently settled in the country of asylum who are generally considered part of the population of their country of origin. Data are for 2013. (Eurostat, United Nations Population Division, and World Bank) Private credit by deposit money banks refers to financial resources provided to the private sector by domestic money banks. Domestic money banks com- prise commercial banks and other financial institutions that accept transfer- able deposits, such as demand deposits. Data are shown as a percentage of GDP. (International Monetary Fund, and World Bank GDP estimates) Saved at a financial institution is the percentage of adults (age 15+) who re- port saving or setting aside any money using an account at a formal financial institution such as a bank, credit union, microfinance institution, or coopera- tive in the past 12 months. (Demirgüç-Kunt and Klapper, 2012) Small firms with a bank loan/line of credit is the percentage of small firms (less than 20 employees) in the formal sector with a line of credit or a loan from a financial institution to total small firms. (World Bank Enterprise Surveys) Stock market capitalization refers to the total value of all listed shares in a stock market as a percentage of GDP. (Standard & Poor’s, Global Stock Markets Factbook, and supplemental S&P data) Stock market return refers to the year-on-year changes in the growth rate of annual average stock market index. Annual average stock market index is con- structed by taking the average of the daily stock market indexes. (Bloomberg) Stock market total value traded refers to the total value of all traded shares in a stock market exchange as a percentage of GDP. (Standard & Poor’s, Global Stock Markets Factbook, and supplemental S&P data) Stock market turnover ratio refers to the total value of shares traded during the period divided by the average market capitalization for the period. (Stan- dard & Poor’s, Global Stock Markets Factbook, and supplemental S&P data) Stock price volatility is the 360-day standard deviation of the return on the national stock market index. (Bloomberg) The Little Data Book on Financial Development  2015/2016 223 Glossary Syndicated loan issuance volume to GDP (%) refers to the ratio of new syn- dicated borrowing volume by private entities in industries other than finance, holding companies, and insurance to GDP. (World Bank FinDebt Database) Syndicated loan average maturity (years) is the volume weighted average maturity of new syndicated borrowing by private entities in industries oth- er than finance, holding companies, and insurance, in years. (World Bank FinDebt Database) Value traded excluding top 10 traded companies refers to the value of all traded shares outside of the top 10 traded companies as a share of the total value of all traded shares in a stock market exchange. (World Federation of Exchanges) 224 2015/2016  The Little Data Book on Financial Development