FinStats 2019 User Guide and Benchmarking Methodology 1

FinStats 2019: A ready-to-use tool to benchmark
financial sectors across countries and over time
User Guide and Benchmarking Methodology
1
FinStats 2019: A ready-to-use tool to benchmark financial
sectors across countries and over time
User Guide and Benchmarking Methodology
January 2019 (Version 1.0)
Erik Feyen
and
Diego Sourrouille
World Bank
Finance and Markets Global Practice
We would like to acknowledge the original FinStats team members Ed Al-Hussainy, Andrea Coppola, Alain Ize, Katie
Kibuuka, and Haocong Ren who developed the framework on which FinStats 2018 rests. We are grateful to the project
reviewers, Aslı Demirgüç-Kunt, Michael Fuchs, Ann Rennie, James Seward, Roberto Rocha, Sophie Sirtaine, and
Eduardo Urdapilleta, for their valuable comments. We would like to thank Thorsten Beck (U. of Tilburg) for his
comments on the new benchmarking methodology that builds on previous joint work. The project also benefitted from
the detailed comments of Aquiles Almansi, Zsofia Arvai, Cesar Calderon, Deepa Chakrapani, Martin Cihak, Mariano
Cortes, Janamitra Devan, Tatiana Didier, Katia D’Hulster, Miquel Dijkman, Ilka Funke, Neil Gregory, Mario
Guadamillas, Jane Hwang, Leora Klapper, Rogelio Marchetti, Colleen Mascenik, Michel Noel, Inci Otker-Robe,
Rafael Pardo, Roberto Rocha, Consolate Rusagara, David Scott, Ilias Skamnelos, Constantinos Stephanou, Martín
Vázquez Suárez, Tunc Uyanik, and Wei Zhang. We would like to thank Liudmila Uvarova for her outstanding help
in designing promotional materials and the website. Some parts of the software code written to create the FinStats
database build on code previously developed in the World Bank Research Department. 1
Corresponding author: Erik Feyen (efeijen@worldbank.org).
1
See T. Beck, A. Demirgüç-Kunt, and R. Levine, “A New Database on Financial Development and Structure,” World
Bank Economic Review 14.
To download the FinStats Dashboard, raw data, and documentation, please visit: 2
http://FinStats.
TABLE OF CONTENTS
1. FINSTATS 2018 VS. 2019: WHAT HAS CHANGED? .................................................................. 5

2. FINSTATS OVERVIEW ............................................................................................................. 7
2.1. Introducing the FinStats tool ............................................................................................ 7
2.2. Main advantages ............................................................................................................... 8
2.3. Sources and calculations used for FinStats indicators ..................................................... 8
2.4. Disclaimer ........................................................................................................................ 9
3. HOW TO USE THE FINSTATS DASHBOARD: A PRACTICAL TOUR ........................................ 10
3.1. Getting started: Enabling macros before using the FinStats Dashboard ........................ 11
3.2. Copying graphs from FinStats to Word documents ....................................................... 13
3.3. The Selection page ......................................................................................................... 13
3.3.1. Basic use of the Selection page ............................................................................... 13
3.3.2. Using the advanced peer group selection criteria (hidden by default).................... 15
3.3.3. Details behind the peer group selection algorithm ................................................. 16
3.4. The at-a-glance table and charts pages ........................................................................... 16
3.5. The Benchmark and Peer Countries pages ..................................................................... 18
3.6. Using the statistical benchmarks: some country examples ............................................ 20
3.6.1. Interpreting the expected median benchmark ......................................................... 20
3.6.2. Interpreting the expected 25th and 75th percentile benchmarks............................... 21
3.7. The Metadata page ......................................................................................................... 22
3.8. The Indicators description page ..................................................................................... 24
4. THE STATISTICAL BENCHMARKING METHODOLOGY ......................................................... 25
4.1. Main advantages and potential caveats of statistical benchmarking .............................. 25
4.2. Why is statistical benchmarking useful? ........................................................................ 26
4.3. Structural factors in the statistical benchmarking methodology .................................... 27
4.4. Key assumptions to interpret deviations from the benchmark as policy performance
indicators ................................................................................................................................... 30
5. TECHNICAL FAQS................................................................................................................. 32
5.1. Why use quantile regressions instead of ordinary least squares?................................... 32
5.2. How did the factor selection process work?................................................................... 32
5.3. Where do I find the FinStats regression results? ............................................................ 34
5.4. What are the steps taken to calculate the statistical benchmarks? ................................. 34
http://FinStats.
5.5. How does FinStats handle missing data? ....................................................................... 35
6. INDICATORS ANNEX .............................................................................................................. 36
Exhibit 6.1 – Summary overview of FinStats indicators by sector and dimension .................. 36
Exhibit 6.2 – FinStats 2019 indicators regional coverage ........................................................ 37
Exhibit 6.3 – FinStats 2019 indicators country coverage by sector.......................................... 39
Exhibit 6.4 – FinStats indicators description and sources ........................................................ 43
Exhibit 6.5 – List of transition countries, Offshore Financial Centers, and fuel exporters ...... 51
Exhibit 6.6 – Median regression results.................................................................................... 52
Exhibit 6.7 – Data Coverage Differences FinStats 2018 vs. 2019 ........................................... 54
Exhibit 6.8 – Median of Country-level Averages of Annual Absolute Differences between
Actual Indicators of FinStats 2018 vs. 2019 ............................................................................. 55
Statistical Benchmarks of FinStats 2018 vs. 2019 .................................................................... 56
http://FinStats.
1. FinStats 2018 vs. 2019: What has changed?
While using FinStats 2019, please note that some data sources ―such as IFS’ GDP series that are
used for many FinStats indicators and Fitch Connect financial statement data― are updated or
added retroactively. This is often the case for the most recent years as better data become available.
Exhibit 6.6 compares the indicator coverage of FinStats 2018 vs. 2019 and Exhibit 6.7 shows the
median differences between the indicator data of FinStats 2018 vs. 2019.
In principle, these changes can also retroactively affect the statistical benchmarks since the
benchmark regression model is fitted on all the latest available data. Exhibit 6.8 shows that, in
practice, the differences between FinStats 2018 and 2019 benchmarks are not large.
Excel files are provided to document in detail the differences between FinStats 2018 vs. 2019
coverage and values, notably a) raw data, b) statistical benchmarks, and 3) explanatory variables
of the statistical benchmark methodology. These files are available on http://FinStats.
Changes are worth mentioning in particular are:
• Change in the source of financial statement bank data. The variable Liquid Assets is now
calculated as the sum of Loans and Advances to Banks, Trading Securities and at FV through
Income, Available for Sale Securities, Cash and Due From Banks (Non-Earning Assets) minus
Mandatory Reserves. This results in a significant increase in coverage.
• Different source for exchange rate data for certain countries. WDI exchange rate data was
not available for certain countries in order to convert GDP data into US dollars to calculate
debt market (BIS, IFS and Dealogic) and equity liabilities (IFS) indicators. Instead, exchange
rate data from the International Finance Statistics was used. This change affects the following
countries: Ethiopia; Haiti; Hong Kong SAR, China; Macao SAR, China; Niger; Peru; Taiwan,
China; and Uzbekistan.
• Changes to region and income group categories. FinStats uses the World Bank country
classification file released every year to determine the region and income group categories for
each country. The most recent country classification file released in June 2018 made the
following changes regarding region and/or income group changes:
i) The following countries are no longer classified as lower middle income countries and
are now categorized as low income countries: Syrian Arab Republic, Tajikistan, and
Yemen Republic.
ii) The following countries are no longer classified as lower middle income countries and
are now categorized as upper middle income countries: Armenia, Guatemala, and
Jordan.
http://FinStats.
iii) The following countries are no longer classified as a upper middle income countries
and are now categorized as high income countries: Argentina, Croatia, and Panama.
http://FinStats.
2. FinStats Overview
2.1. Introducing the FinStats tool
Are you a first-time user? We recommend reading FinStats Dashboard – A Tour for First-
Time Users, a brief step-by-step guide through the Dashboard, available at http://FinStats.
FinStats is a ready-to-use financial indicator tool that allows users to benchmark and compare
financial sectors over time and relative to other countries. FinStats was created to meet the primary
data and benchmarking needs of policy makers and analysts in the financial sector engaged in
diagnostic work. As such, FinStats can be used for Financial Sector Assessment Programs
(FSAPs), Country Assistance Strategies (CASs), Development Policy Loans (DPLs), Country
Policy and Institutional Assessments (CPIAs) and other World Bank financial sector analytical
work.
FinStats has three components:
• A financial indicator database — An annually updated database of 46 existing financial

development indicators for most WBG client countries that covers the banking sector, debt
markets, equity markets, and non-bank financial institutions;
• An indicator benchmarking methodology — A simple, standardized methodology that
allows users to produce financial benchmarks to assess the performance of individual
countries based on a broad regression framework; and
• An Excel-based Dashboard — An application that allows users to generate graphs and
tables of indicators and their benchmarks rapidly and easily. A full database for the period
1980-2017, allowing longer historical analysis and additional flexibility in plotting
indicators on the same charts, will be provided separately. 2
2
Longer time series are available for some of the indicators. To facilitate custom charting, the database will include
the median statistical benchmarks as well.
http://FinStats.
2.2. Main advantages
• Comprehensive indicator coverage — Covers 46 country-level financial sector
indicators for 120+ countries with pre-set charting capacity for the last 10 years and annual
updates going forward.
• Better benchmarking methodology — Provides a novel yet simple statistical benchmark
framework that improves on traditional, ad hoc benchmarking approaches and enhances
the comparability of World Bank documents over time and across countries.
• Creates customized graphs and tables quickly — The FinStats Dashboard allows users
to generate graphs and tables and perform custom benchmark and peer analyses.
• Portable for missions — The FinStats Dashboard and the full historical database are self-
contained Excel workbooks and, therefore, do not require an internet connection, easing
their use in the field.
2.3. Sources and calculations used for FinStats indicators

The Indicators Annex at the end of this user guide contains several tables of detail on the indicators
used in FinStats.
• Exhibit 6.1 shows all the indicators, categorized by cluster (e.g., banking) and dimension
(e.g., size/depth).
• Exhibit 6.2 displays, for each indicator, the start year and the latest year available, the total
number of country-year observations, and a breakdown by region.
• Exhibit 6.3 provides an overview summarizing how each indicator was calculated and from
which source it was drawn.
• Exhibit 6.4 provides a list of transition countries, offshore financial centers, and fuel
exporters. These characteristics are used in the statistical benchmarking methodology (see
sections 4 and 5).
• Exhibit 6.5 shows the median regression results of the statistical benchmarking
methodology for each indicator.
http://FinStats.
2.4. Disclaimer
FinStats is for Official Use Only and primarily meant as an internal tool for use by World Bank
staff to facilitate financial sector diagnostics efforts including reports, briefings, and presentations.
FinStats can be shared with clients or another External Party with the understanding that the tool,
the benchmark methodology and the statistical benchmarks do not necessarily represent the views
of the International Bank for Reconstruction and Development/World Bank and its affiliated
organizations, or those of the Executive Directors of the World Bank or the governments they
represent. Although great care was taken to assemble the FinStats database from various primary
sources, data are provided on an "as is" basis - their accuracy are not guaranteed.
http://FinStats.
3. How to Use the FinStats Dashboard: A Practical Tour
Note that FinStats only works in the 2010 or later versions of Excel.
Peer
Overview of Benchmark
Selection country
latest data analysis
analysis
The FinStats Dashboard is a one-stop tool that allows you to customize your financial sector
benchmarking and analysis through charts and tables that cover the last 10 years of data in the
database. With the Dashboard you can analyze financial sector data for a selected country and
compare this information with a wide set of benchmarks and data from a set of selected peer
countries. Using the Dashboard is a four-step process:
• Step 1: Selection — Select a country, two financial indicators, and a set of peer countries
for cross-country comparisons.
• Step 2: Overview of latest data — Retrieve an overview of the latest available
information for all 46 financial indicators in the form of a summary table or a set of
overview charts based on your selection.
• Step 3: Benchmark analysis — Conduct an in-depth time series analysis of the two
selected indicators by creating custom graphs based on various benchmarks.
• Step 4: Peer country analysis — Conduct an in-depth time series analysis of the two
selected indicators by creating custom graphs showing contrast with with selected peer
countries.
For a quick tour through these steps, read FinStats Dashboard – A Tour for First-Time Users,
available on http://FinStats.
http://FinStats.
3.1. Getting started: Enabling macros before using the FinStats Dashboard
The Dashboard will only work if macros (i.e. software) are enabled. This is not optional.
The FinStats Dashboard is an Excel-based application that runs macros (i.e., software). After
saving the FinStats Dashboard 2019.xlsm file on your computer and opening the file, you need
to enable macros when prompted. If you are not prompted and the application does not work,
change your macro security settings by following the steps in Exhibit 3.1. In most cases, you will
need to give Excel permission to use macros every time you open the Dashboard.
Exhibit 3.1 – How to enable macros in Excel
1. About macros. The FinStats The Dashboard needs your permission to execute its macros.
Dashboard uses macros for calculations
Follow the steps below to enable macros.
and to create graphs (software).
For your protection, Excel usually does Often you will be prompted for your permission when you open
not allow macros to be executed
automatically. the Dashboard.
2. Opening the file. Open the FinStats

Dashboard Excel file (FinStats
Dashboard 2018.xlsm).
Note: The application only works in

Microsoft Office/Excel 2007 and later
versions.
3. Security Warning. If prompted by

the Security Warning, click Options.
The Security Warning appears directly

below the toolbar.
http://FinStats.
4. After the warning, select “Enable
this content” and click OK.
Note: This step is not optional. Macros

must be enabled for this application to
work.
5. If you did not get a security warning

and the Dashboard does not seem to
work … (skip this step otherwise)…
Ensure that your Macro Settings are set

on “Disable all macros with
notification” (see picture). This setting
ensures that macros will only be executed
with your explicit permission.
Click in the upper-left corner.
Click Options. Then click Trust Center
and Trust Center Settings. Finally,
select Macro Settings. Then select
“Disable all macros with notification.”
Now close and reopen the Dashboard.
http://FinStats.
3.2. Copying graphs from FinStats to Word documents
It is advisable to copy-paste each graph as a picture into Word, since Word and Excel are
linked. Otherwise, the linkage could cause graphs in your documents to change as soon as
you use the Dashboard for another indicator or country.
FinStats tables, however, are not linked, so they can be simply copied in the usual way.
In Office 2010, graphs are linked between documents, so they update automatically when you
select another country or indicator in FinStats. To prevent this from happening, copy and paste the
graphs as pictures. To paste objects as pictures, follow these steps:
1. Select the chart or table in the FinStats Dashboard.

2. Copy the data by clicking Copy from the Clipboard menu on the Home tab (CTRL+C).
3. Switch to the Word document you want to paste the object in.
4. Select Paste Special from the Paste button on the Clipboard menu on the Home tab
(ALT+CTR+V).
5. Select to paste as a picture (e.g. Picture (Windows Metafile)).
3.3. The Selection page
3.3.1. Basic use of the Selection page
The Selection page allows the user to design a specific query by following three steps (see Exhibit
3.2):
1. Select a country.
Use the drop-down list.
2. Select one or two financial development indicators.

Two drop-down lists allow you to choose up to two financial development indicators from
the 46 core indicators available.
http://FinStats.
Exhibit 3.2 – The Selection page: Select a country, peers, and two financial indicators
Navigate to results
First select the

country of interest
Select one the 40 core

financial sector indicators
The program proposes five

peer countries that are
similar to the selected
country in terms of GDP per
capita and population size
Select additional
peer countries of
your own if you like
3. Select peer countries for comparison.
a. Select suggested peer countries.
Based on GDP per capita (in 2010 constant US$) and population data, the FinStats
Dashboard automatically provides a list of five suggested countries. 3 You can include one
3
The Dashboard provides peer country suggestions based on a country’s proximity to the selected country with respect
to GDP per capita and population size. By default, equal weight is assigned to both factors. Customization of this
approach is possible by clicking the box “Show Advanced Peer Selection Criteria”.
http://FinStats.
or more of the countries suggested in the analysis by clicking the box beside each country
you wish to include.
b. Select your own peer countries.
Besides selecting one or more of the countries suggested, you can choose up to five
additional benchmark countries from the drop-down menus to compare financial
development performance and add them to the peer group by checking the boxes beside
the selected countries.
3.3.2. Using the advanced peer group selection criteria (hidden by default)
By default, the Peer Group Selection algorithm selects peers from a pool containing all countries
in the world. However, you can restrict the countries in this pool by imposing constraints on
• the minimum and maximum levels of GDP per capita (in constant 2010 US$)
• the minimum and maximum levels of population size
• the region the countries belong to, and
• the income group the countries belong to.
See Exhibit 3.3 for an illustration of how to use this advanced peer selection.
FinStats shows the number of countries that match the criteria (the pool) and suggests the five
closest countries in terms of the latest available information of GDP per capita (constant 2010
US$) and population size in the World Development Indicators (starting in 2016 and going back
up to 2011 in case of missing information). By default, these factors are given equal weight (50%-
50%) to calculate the distance between the countries. However, different weights for GDP per
capita (and thus population size) can be specified by using the last dropdown box.
http://FinStats.
Exhibit 3.3 – Advanced Peer Selection helps you restrict the pool of countries from which the
algorithm selects suggested peers
Check box to view “Advanced
Peer Selection Criteria” section
Additional
restrictions for
peer country
selection Select weight given to GDP per
capita relative to population size
3.3.3. Details behind the peer group selection algorithm
Define the country pool P i to contain all countries that match the above-mentioned criteria for the
selected country i. Then for each country j in pool P i a distance measure ∆𝑖𝑖𝑖𝑖 is calculated relative
to the selected country i according to this formula:
∆𝑖𝑖𝑖𝑖 = 𝑤𝑤𝐺𝐺𝐺𝐺𝐺𝐺𝐺𝐺𝐺𝐺 |PR(GDPPC𝑖𝑖 )- PR(GDPPC𝑗𝑗 )| + (1 − 𝑤𝑤𝐺𝐺𝐺𝐺𝐺𝐺𝐺𝐺𝐺𝐺 )|PR(POP𝑖𝑖 )- PR(POP𝑗𝑗 )|, j∈𝑃𝑃𝑖𝑖 ,
Where |.| denotes the absolute value function, PR(X i ) is the percentile rank of country i in the
distribution of variable X and 𝑤𝑤𝐺𝐺𝐺𝐺𝐺𝐺𝐺𝐺𝐺𝐺 is the weight attached to the GDP per capita factor. Note
that using percentile ranks makes the method more robust to non-linearities in the GDP per capita
and population size distributions.
3.4. The at-a-glance table and charts pages

This table and its associated charts provide an overview of the latest available information on all
the financial indicators for the selected country (Exhibits 3.4 and 3.5). The table also provides a
set of benchmarks, including the statistical benchmark (the expected median of the selected
http://FinStats.
country) and the values for the peer countries you selected on the Selection page. The table is
dynamic and automatically updates whenever this selection is changed.
You can simply copy the table or the graphs and paste them into your documents. Details
about how to copy-paste can be found in section 3.2.
Exhibit 3.4 – The at-a-glance table provides an overview for the country (only portion is shown)
Statistical median Peers selected on

Basic benchmarks benchmark the Selection Page
Exhibit 3.5 –At-a-glance charts visualize the at-a-glance table (only a portion is shown)
http://FinStats.
3.5. The Benchmark and Peer Countries pages
The Benchmark and Peer Countries pages compare data on selected indicators for the country of
interest with a wide set of benchmarks for selected peer countries for the last 10 years (based on
the selection made on the Selection page).
The Benchmark page provides the user with several benchmark options that are automatically
reflected in the graphs of the selected indicators (a result of the selection made on the Selection
page). The tables below the charts contain the data with all benchmarks. The Dashboard offers
four sets of benchmarks (see Exhibit 3.6):
• Regional benchmarks — regional average and median

• Income group benchmarks — average, median, and high income Median
• Peer group country average — simple average for the peer countries selected on the
Selection page
• Statistical benchmarks for the selected country — the expected median and expected
25th and 75th percentile, based on the country’s structural characteristics. (For details on the
methodology, see Section 4)
The Peer Countries page compares data for the selected indicators over the last ten years for both
the selected country and its peers (obtained from the Selection page). The tables below provide the
raw data. Both the graphs and the tables are automatically updated when the selection on the
Selection page is changed.
Exhibit 3.6 – The benchmark options
http://FinStats.
Data points in red are considered outliers for the country. FinStats uses conventional
thresholds to define outliers: three times the inter-quartile range above the 75th percentile
or below the 25th percentile of the country distribution, respectively.
Underlined data points carry additional metadata which are displayed on the Metadata
page. See Section 3.7.
Exhibit 3.7 – The Benchmark page provides tables and graphs with selected benchmarks
Statistical benchmarks
Indicators selected on
Selection Page
Table with data for all

benchmarks
http://FinStats.
Exhibit 3.8 – The Peer Countries page provides graphs and tables for selected indicators and peer
countries
Reflects country choices
made on Selection Page
3.6. Using the statistical benchmarks: some country examples
3.6.1. Interpreting the expected median benchmark
The statistical benchmarks for the selected country provide additional insights beyond the
benchmarks obtained by simple comparisons with a regional median or an ad hoc set of peer group
countries. For example, Exhibit 3.9 identifies Hungary as a “poor” performer since its private
credit level was lower than the regional median. However, the statistical benchmark paints a
different picture. Hungary’s private credit levels aligned closely with its statistical benchmark
between 1999 and 2003 and started outperforming it in 2004. This suggests that a simple regional
comparison can be misleading.
Costa Rica provides an opposite illustration. Its private credit has slightly exceeded the regional
median since 2004. However, it has been well below its statistical benchmark for the last 10 years,
implying that it has systematically underperformed relative to its potential.
http://FinStats.
Exhibit 3.9 – Statistical benchmarks provide additional insights to conventional benchmarks such
as a regional median
3.6.2. Interpreting the expected 25th and 75th percentile benchmarks
To further gauge the range over which a country can be benchmarked, the statistical benchmarking
methodology also provides the expected 25th and 75th percentiles. Exhibit 3.10 shows that
Mozambique’s private credit level has been in line with its expected median. However, comparison
with the 75th percentile suggests that there is still ample scope for improvement. The exhibit also
shows how deposit mobilization in Argentina after the crisis has been particularly poor and well
under the expected 25th percentile.
http://FinStats.
Exhibit 3.10 – 25th and 75th percentile statistical benchmarks provide better understanding of the
scope of performance
3.7. The Metadata page
The Metadata page also shows the number of banks used to calculate a country-year data
point for indicators that draw from the bank-level Bankscope database.
Underlined data points on the Peer Countries Pages carry additional information which can be
found in tables on the Metadata Page. The tables make use of the following codes:
• Code B — Missing observations for at least one benchmark factor. Data for one or
more factors are missing. This prevents the methodology from calculating a statistical
benchmark. To produce a benchmark in these cases, the missing factor observations are
http://FinStats.
filled in by simply replacing them with the value of the previous year and then calculating
the benchmark (see section 4).
• Code F — Change in International Financial Statistics series (IFS) (applicable to IFS-
based indicators, except GDP). Each IFS line typically comes in several variations (e.g.
line 22D..ZF, 22D..ZK, etc.). Occasionally, IFS switches the main reporting line from one
variation to another due to reclassifications or changes in national reporting standards. This
occurred for example for some European countries in 1999 when they adopted the Euro. It
also occurs when countries dollarize.
• Code X — Change in GDP series from International Financial Statistics (applicable
to GDP-based indicators). This code is similar to Code F. GDP series in IFS also come
in variations. Code X flags whenever IFS switches GDP reporting from one variation to
another.
• Code G — Change in GDP source (applicable to GDP-based indicators). This occurs
when GDP data from IFS is not available and alternative GDP sources are used, for
example from the World Development Indicators (in such cases, growth rates are used to
impute the gaps in IFS data).
• Code H — Year with high inflation. Code H raises an additional warning flag by
highlighting years of high yearly inflation (>20 percent).
The Metadata page also automatically provides an additional table for indicators that are calculated
using the Bankscope database, indicating the number of banks used to calculate the data points.
For example, Exhibit 3.11 shows that Russia and Turkey experienced high inflation during 1999-
2001. Moreover, the Bankscope table shows that data from 57 banks was used to calculate the net-
interest margin for Argentina in 2008.
http://FinStats.
Exhibit 3.11 – The Metadata page provides additional information for the selected countries and
indicators
3.8. The Indicators description page

The Indicators description page provides additional information on the available indicators in the
Dashboard, describing
• what the indicator measures

• how the indicator is calculated, including the variable codes from the primary source,
where applicable, and
• the data source of the indicator.
http://FinStats.
Exhibit 3.12 – The Indicators pages provides source information for the indicators (only a portion
is shown)
4. The Statistical Benchmarking Methodology 4
Although statistical benchmarks take country differences into account and thus typically
produce better benchmarks than ad hoc approaches, they should be interpreted with
judgment and in the country-specific context. Also note that the benchmarks are based on
statistical associations without addressing endogeneity of the explanatory variables. Please
read this User Guide carefully to understand the strengths and weaknesses of statistical
benchmarking.
4.1. Main advantages and potential caveats of statistical benchmarking

The main advantages of statistical benchmarking are as follows.
• Avoiding comparisons of “apples with oranges” — By controlling for the level of

economic development and other key structural, country-specific factors (e.g., variables
4
The methodology builds on and improves previous work. For details, see T. Beck, E. Feyen, A. Ize, and F.
Moizeszowicz, Benchmarking Financial Development, World Bank Policy Research Working Paper 4638
(Washington, DC: World Bank, 2006).
http://FinStats.
that are exogenous to the policy process), the approach makes inter-country comparisons
more meaningful.
• Allowing for “through-the-cycle” analysis — The methodology allows the user to see
“through-the-cycle” since it typically incorporates many years of data. Although the
Dashboard displays the latest 10 years of information, the benchmarking methodology uses
data starting in 1996 (where available).
• Producing a more revealing measure of the quality of financial sector policy —
Deviations from the statistical benchmark can be interpreted as a measure of the quality of
policy, which is directly comparable across countries.
The main caveats are as follows:
• Not all structural factors might be accounted for. While a comprehensive set of factors
that work well for all FinStats indicators overall is used, in some cases additional important
unaccounted structural factors may be missing, leading to an overstatement about the role
of policy. (Also see sections 4.3 and 4.4)
• Differences in financial development paths are not accounted for. The approach used
implicitly assumes that all countries follow the same path. That is, countries that currently
have identical structural factors will have identical statistical benchmark values. (Also see
section 4.4)
• Shorter time series will have weaker indicators. Some indicators lack long time series,
potentially affecting the quality of the benchmark.
4.2. Why is statistical benchmarking useful?

Comparison lies at the heart of assessing financial sector performance. In doing so, often financial
sector indicators are simply compared to a regional average or a set of "representative" countries.
However, such comparisons are only accurate to the extent that the selected benchmark is
appropriate.
Indeed, drawing conclusions about performance based on comparisons of financial indicators

among countries that are at very different stages of economic development or are structurally
different can be misleading: one should not compare apples to oranges.
http://FinStats.
Exhibit 4.1 illustrates this problem. The exhibit shows the pattern of two countries with an “Apple”
and an “Orange” difference in structure (for example, they could be an underdeveloped country
and a developed one). In terms of financial development, the exhibit shows that Country B
performs better than Country A in an absolute sense. Yet, simply concluding that County B
performs better than Country A obscures relevant policy insights. Once the level of economic
development or other structural differences are accounted for, Country A is understood to be a
relative star, while Country B is a relative underperformer.
Exhibit 4.1 – Structural factors should be accounted for in benchmarking
By taking into account the most important non-policy factors affecting financial sector
development while excluding all policy-driven factors, the statistical benchmark determines the
level at which a country’s financial system would be expected to perform in a policy-neutral
environment. Deviations with respect to the benchmark can therefore be attributed, at least in part,
to the quality (and possible shortcomings) of the country’s policies.
4.3. Structural factors in the statistical benchmarking methodology

The controls include a restrained set of factors that can be viewed as external to policy, at least in
the short run (see also Exhibit 4.3). The factors fall under these five types:
http://FinStats.
• Economic development factors — Clearly, economic development, as measured by GDP
per capita, affects financial development, due both to demand effects (the volume and
sophistication of financial activity increases with income) and to supply effects (larger,
richer economies can achieve economies of scale and benefit from more competition and
better infrastructure). To account for potential non-linearities linking economic and
financial development, the square of GDP per capita is also included.
• Population factors — Countries with larger populations can have deeper and more
efficient financial systems (a scale effect). Financial services can also be provided at a
lower cost in countries with higher population density (a network effect).
• Demographic factors — Age dependency ratios, that is, the non-working young and old
populations, respectively, as fractions of the labor force, are likely to affect savings and
lending patterns.
• “Special circumstances” — Oil exporters may have smaller financial sectors than other
countries at similar levels of income, reflecting the fact that oil revenues can boost GDP
out of proportion with the country’s overall level of economic and financial development.
Offshore financial centers with intensive cross-border operations can have
disproportionately large financial sectors. Landlocked countries encounter structural
challenges in accessing international markets, which will impact the composition and
performance of the real economy, and, as a result, financial development. An overview of
offshore financial centers, transition countries, oil exporters and landlocked countries can
be found in Exhibit 6.4.
• Time: global cycle — Since all available country-year observations are pooled, temporal
patterns that “lift all boats” are accounted for.
http://FinStats.
Exhibit 4.2 – Structural factors that are significantly associated with most financial sector
indicators
Economic “Special
Population Demographics Time
Development Circumstances”
•GDP per capita •Size (scale •Age •Is country an •Global cycle
(including non- economies) dependency offshore (“lift all boats”
linear pattern •Density (costs, ratio, old financial effect)
for some network •Age center?
indicators) effects, and dependency •Oil exports (oil
reach) ratio, young economies are
(Both affect undiversified)
savings and •Is it a transition
consumption) country?
•Is it a
landlocked
country?
Exhibit 4.3 – Description of the factors and their sources
Indicator Description Source

World
GDP PER CAPITA In constant 2010 US$ Development
Indicators
World
(GDP PER CAPITA) SQUARED In constant 2010 US$ Development
Indicators
World
POPULATION SIZE Millions of people Development
Indicators
World
POPULATION DENSITY Millions of people per square kilometer Development
Indicators
The ratio of younger dependents (people World
AGE DEPENDENCY RATIO, YOUNG younger than 15) to the working-age Development
population (those ages 15-64). Indicators
The ratio of older dependents (people older World
AGE DEPENDENCY RATIO, OLD than 64) to the working-age population Development
(those ages 15-64). Indicators
http://FinStats.
Indicator Description Source
An indicator with value 1 for all years if the
OFFSHORE FINANCIAL CENTER
country is an offshore center and zero IMF*
DUMMY
otherwise.
TRANSITION COUNTRY DUMMY country is a transition country and zero Authors
otherwise.
World
country’s average fuel exports as a fraction
FUEL EXPORTER DUMMY Development
of exports since 1995 is in the 75th
Indicators
percentile or higher in the world distribution.
NYU Global
An indicator with value 1 for all years if the Development
LANDLOCKED DUMMY
country is a landlocked and zero otherwise. Network Growth
Database
A set of dummies for each year in the

YEAR DUMMIES database. The indicator for year Y has a value NA
of 1, and zero otherwise.
* IMF, Offshore Financial Centers: The Assessment Program—A Progress Report (Washington,
DC: 2006).
4.4. Key assumptions to interpret deviations from the benchmark as policy

performance indicators
• Assumption 1: All key structural factors are accounted for. The “apples and oranges”
problem might not be fully solved if the methodology fails to account for some important
remaining structural factors. In particular, the methodology does not account for the
potential lasting effects of “initial conditions” that may give rise to multiple paths of
financial development. Thus, countries that currently have identical structural
characteristics have identical benchmarks, regardless of their past or origin. In some cases
this may not be appropriate, since countries with lower initial levels of financial
development may follow different development paths regardless of policy.
• Assumption 2: The impact of financial policy on economic development is lagged.
Unlike the other factors, GDP per capita is both a cause and an effect of financial
development. This implies that the current effect of policies could be (already partly)
captured by the current GDP per capita. However, it seems natural to assume that financial
http://FinStats.
sector policies will affect economic development only after a time lag. Hence, before being
fully reflected as an increase in country income, good financial sector policies should result
in a temporary financial “over-performance,” thereby allowing one to measure the quality
of the recent policy environment. (See Box 1).
Box 1: A simple canonical benchmarking model
Equation (1) indicates that financial development, as reflected in financial indicator X, depends on
economic development, as measured by GDP per capita Y, a vector of policy variables P, and a vector of
structural variables Z that are strictly orthogonal (unrelated) to policy, as well as an error term. Equation
(2) indicates that economic development is also affected by the same policy and structural variables, partly
reflecting the fact that financial development itself has an impact on economic development. However, the
crucial assumption is that this impact is at least partly lagged so that both current and past policy variables
enter into the equation (the term β’ is positive). Finally, Equation (3) indicates that policy is a state variable;
its value today is determined by its value yesterday plus an innovation term. Equation (4) is the reduced
form of the model. It reflects the coefficients that would be estimated through regressing X on Y and Z. It
shows that the regression coefficients of Y and Z are biased (the Y coefficient is overestimated; the Z
coefficients are underestimated) in relation to their true value as derived from equation (1). However,
provided β’ is positive, the policy innovation term, v, belongs to the residual. Thus, countries with better
policies (a higher v) over-perform (e.g., have a higher residual) compared to countries with worse policies.
http://FinStats.
5. Technical FAQs
5.1. Why use quantile regressions instead of ordinary least squares?

Quantile regressions are used as opposed to ordinary least square (OLS) for the following reasons:
• Quantile regressions reduce the impact of outliers. To allow the statistical benchmark
to reflect the “true” underlying financial development process, the impact of outliers needs
to be reduced as much as possible. Since OLS is sensitive to outliers, median regressions,
a particular instance of quantile regressions, are used instead. 5
• Quantile regressions also produce different expected values to gauge the range of
financial sector performance. An additional benefit of quantile regressions is that they
allow for factors’ different marginal effects for different percentiles of the distribution of
the financial indicator. As a result, they not only produce expected medians but can also
produce expected values for other percentiles. FinStats uses the expected 25th and 75th
percentiles.
5.2. How did the factor selection process work?

Maximizing model fit was used as a criterion to select the final set of controls from the large pool
of potential controlling factors. 6 Indeed, Exhibit 6.5 in the Annex shows that virtually all indicators
are statistically significantly associated with the FinStats factors. Exhibit 5.1 ranks the indicators
by their pseudo R-squared, a measure of fit for individual models: higher values indicate a better
fit. However, not all factors work equally well for each indicator since relationships might be
intrinsically different, depending on the indicator. For some factors, the lack of longer time series
played a role as well.
5
Median (quantile) regressions produce expected medians, based on minimizing the sum of (weighted) absolute
values of residuals, whereas OLS produces an expected mean, based on minimizing the sum of squared residuals.
There is a large literature on the application of quantile regressions. For an introduction, see R Koenker and K. Hallock,
“Quantile Regression,” Journal of Economic Perspectives 15(4) (2001).
6
In particular, the median absolute error (MAE) was used to gauge model performance for each indicator. To assess
overall performance, we used the average of all MAEs, normalized by dividing by the inter-quartile range of the
indicator. Thus, factors that have strong overall fit produce lower average normalized MAE (ANMAE). The ANMAE
of the FinStats factors is 78.4 percent.
http://FinStats.
Exhibit 5.1 –Fit of the FinStats benchmarking methodology for individual indicators
Pseudo R2
Pseudo R2
Indicator Indicator
INSURANCE COMPANY ASSETS / GDP (NBFI) 56% OVERHEAD COSTS / TOTAL ASSETS (FITCH 34%
CONNECT)
PERCENT OF ADULTS WITH AN ACCOUNT AT A 53% PERCENT OF FIRMS WITH LINE OF CREDIT 33%
FORMAL INSTITUTION (FINDEX) (ALL FIRMS, ENTERPRISE SUR)
MUTUAL FUND ASSETS / GDP (NBFI) 53% BANK CAPITAL TO ASSETS (FSI) 33%
GROSS PORTFOLIO EQUITY ASSETS / GDP (IFS) 53% 3 BANK ASSET CONCENTRATION (FITCH 32%
CONNECT)
ACCOUNTS PER THOUSAND ADULTS, COMMERCIAL 52% PERCENT MARKET CAPITALIZATION OF TOP 31%
BANKS (IMF) 10 LARGEST COMPANIES (WFE)
NUMBER OF BRANCHES PER 100,000 ADULTS, 49% GLOBAL LEASING VOLUME / GDP (WHC) 29%
COMMERCIAL BANKS (IMF)
STOCK MARKET TURNOVER RATIO (WFE) 46% PERCENT VALUE TRADED OF TOP 10 28%
TRADED COMPANIES (WFE)
GROSS PORTFOLIO EQUITY LIABILITIES / GDP (IFS) 45% PENSION FUND ASSETS / GDP (NBFI) 27%
NO OF LISTED COMPANIES (WFE) 45% OUTSTANDING DOMESTIC PUBLIC DEBT 27%
SECURITIES / GDP (BIS)
DOMESTIC BANK DEPOSITS / GDP (IFS) 44% TOTAL SYNDICATED LOANS ISSUED 26%
VOLUME / GDP (DEALOGIC)
PRIVATE CREDIT / GDP (IFS) 44% LENDING-DEPOSIT SPREAD (IFS) 26%
OUTSTANDING INTERNATIONAL PRIVATE DEBT 43% NPLS TO TOTAL GROSS LOANS (FSI) 25%
GROSS PORTFOLIO DEBT LIABILITIES / GDP (IFS) 42% REGULATORY CAPITAL TO RISK-WEIGHTED 23%
ASSETS (FSI)
INSURANCE PREMIUMS (LIFE) / GDP (AXCO) 42% CREDIT TO GOVERNMENT AND SOES / GDP 22%
(IFS)
OUTSTANDING DOMESTIC PRIVATE DEBT SECURITIES 42% RETURN ON ASSETS (FITCH CONNECT) 17%
/ GDP (BIS)
INSURANCE PREMIUMS (NON-LIFE) / GDP (AXCO) 41% AVERAGE COST OF SENDING USD200 TO 14%
SELECTED COUNTRY (RPWD)
GROSS PORTFOLIO DEBT ASSETS / GDP (IFS) 40% OUTSTANDING INTERNATIONAL PUBLIC 13%
DEBT SECURITIES / GDP (BIS)
TOTAL FACTORING VOLUME / GDP (FCI) 40% RETURN ON EQUITY (FITCH CONNECT) 13%
CONSOLIDATED FOREIGN CLAIMS OF BIS- 38% PRIVATE CREDIT TO DEPOSITS (IFS) 12%
REPORTING BANKS / GDP (BIS)
TOTAL BOND ISSUANCE VOLUME / GDP (DEALOGIC) 38% PROVISIONS TO NPLS (FSI) 11%
PERCENT OF FIRMS WITH LINE OF CREDIT (SMALL 36% NON-INTEREST INCOME / TOTAL ASSETS 8%
FIRMS, ENTERPRISE SUR) (FITCH CONNECT)
NET INTEREST MARGIN (FITCH CONNECT) 36% COST TO INCOME RATIO (FITCH CONNECT) 8%
STOCK MARKET CAPITALIZATION / GDP (WFE) 35% LIQUID ASSETS / DEPOSITS & SHORT TERM 6%
FUNDING (FITCH CONNECT)
http://FinStats.
5.3. Where do I find the FinStats regression results?
Median regression results for all indicators can be found in the Annex, Exhibit 6.5. Results for the
25th and 75th percentile quantile regressions are available upon request. Note that benchmarking is
not the same as constructing a model for causal inference. In the latter, endogeneity issues need to
be dealt with appropriately, whereas this is not a problem for benchmarking (see also section 4.4
and Box 1).
Various other regression specifications were tested as well: 1) we used raw dependent variables
instead of using their log transforms and 2) we tried to better account for non-linearities of GDP
per capita by using a 5-knot cubic spline instead of the logs of GDP per capita and its square.
However, we found that the final approach with log transformed has slightly lower errors.
Moreover, we favored the simpler quadratic approach for GDP per capita over the cubic spline
approach because the errors and model fits were very close.
5.4. What are the steps taken to calculate the statistical benchmarks?
• Collect data. All available annual country level data for all indicators is collected. The
methodology does not impute missing variables to increase the sample size for the
estimation step.
• Pre-process the data. All observations for both independent and dependent variables are
log-transformed. The methodology flags outliers that will not be incorporated in the
estimation step, as follows. First, the methodology flags “illogical” observations, such as
extremely high values or negative fractions. Second, the methodology identifies
“influential” observations by calculating Cook’s Distance, using the factors mentioned in
section 3.3. Observations with a Cook’s distance larger than 4/N, where N represents the
total number of observations, are flagged as “influential”. The rest of the observations are
interpreted as being representative of the “true” financial development process.
• Estimate the quantile regression benchmark models for each indicator (median and
25th and 75th percentiles). The benchmarking methodology consists of estimating pooled,
separate quantile regressions for each financial sector indicator on all available, pre-
processed annual country-level data. Three benchmark models are estimated for each
http://FinStats.
indicator to produce the expected median at the 25th, and 75th percentile statistical
benchmarks. The set of independent variables – the factors mentioned in section 4.3 – is
identical for all regressions. The median regression results are displayed in Exhibit 6.5. In
some cases the 25th and 75th percentile benchmarks are missing due to a lack of
observations which can cause an inconsistent ordering.
• Generate country-year statistical benchmarks for all indicators. The statistical
benchmarks are defined as the expected values, using the benchmark models from the
estimation step.
5.5. How does FinStats handle missing data?

FinStats treats missing data as follows.
a. For missing factor observations (independent variables):
All models are estimated on actual data, since coverage of the independent variables is generally
good. However, in some cases country-year factor observations are missing, which prevents the
methodology from calculating a statistical benchmark. To address this, missing factor observations
are filled in by simply replacing them with the value of the previous year and using these data to
calculate the statistical benchmark.
b. For missing financial indicator observations (dependent variables):
Occasionally, some observations were missing for financial indicators. This was particularly
prevalent for indicators related to capital markets and non-bank financial institutions. The
methodology treats missing observations as true missing variables. However, these missing
observations may represent zero values for countries that do not have a stock market or an
insurance sector. As a result, statistical benchmarks are conditional on the presence of these sectors
and cannot simply be used to benchmark countries that have not yet developed such sectors.
http://FinStats.
6. Indicators Annex
Exhibit 6.1 – Summary overview of FinStats indicators by sector and dimension

Size/Depth Efficiency/Structure Stability Access External Position
Banks -Dom. private credit/GDP -Net interest margin -Loan/deposit ratio -# of bank accounts per 1,000 -Cons. intl. claims of BIS-
-Dom. deposits/GDP -3-bank asset -NPLS/gross loans adults reporting banks/GDP
concentration -Regulatory capital to risk- -# of bank branches per
-Overhead costs/Assets weighted assets 100,000 adults
-Lending-deposit -Capital/Assets -Percent of small firms with a
spread -Liquid assets/Deposits & line of credit
-ROA short term funding -Percent of medium-sized firms
-ROE -Provisions/NPLs with a line of credit
-Non-interest
income/total income
-Cost to income ratio
Debt markets -Dom. public securities/GDP -Gross portfolio debt
-Dom. private securities/GDP assets/GDP
-Int. public securities/GDP -Gross portfolio debt
-Int. private securities/GDP liabilities/GDP
-Total bond issuance
volume/GDP
-Total syndicated loans
issued volume/GDP
Equity Markets -Market capitalization/GDP -Stock market turnover -Percent market cap. of top 10 -Gross portfolio equity &
-Number of domestic listed ratio largest companies investment fund shares
companies -Percent value traded of top 10 assets/GDP
most traded companies -Gross portfolio equity &
investment fund shares
liabilities/GDP
Non-bank -Pension fund assets/GDP
financial -Mutual fund assets/GDP
-Insurance company
institutions
assets/GDP
-Ins. Premium-Life/GDP
-Ins. Premium-Non-Life/GDP
-Global leasing volume/GDP
-Total factoring volume/GDP
Other -Percent of Adults with an
account at a Formal
Institution
-Average cost of sending
USD200 to selected country
36
Exhibit 6.2 – FinStats 2019 indicators regional coverage
Number of country-year observations
Observations
High Income
Latest Year
Start Year
MNA
Total
ECA
SAR
EAP
AFR
LCR
Indicator
ACCOUNTS PER THOUSAND ADULTS, 2008 2017 1077 146 101 161 70 53 249 297
NUMBER OF BRANCHES PER 100,000 2008 2017 1701 181 174 225 101 68 403 549
ADULTS, COMMERCIAL BANKS (IMF)
PERCENT OF FIRMS WITH LINE OF CREDIT 2008 2017 192 27 35 32 9 8 51 30
(ALL FIRMS, ENTERPRISE SUR)
PERCENT OF FIRMS WITH LINE OF CREDIT 2008 2017 192 27 35 32 9 8 51 30
(SMALL FIRMS, ENTERPRISE SUR)
DOMESTIC BANK DEPOSITS / GDP (IFS) 2008 2017 1693 173 170 227 97 70 421 535
PRIVATE CREDIT / GDP (IFS) 2008 2017 1694 173 170 227 97 70 422 535
3 BANK ASSET CONCENTRATION (FITCH 2008 2017 1437 103 181 172 95 58 326 502
CONNECT)
COST TO INCOME RATIO (F. CONNECT) 2008 2017 1675 144 189 213 107 70 390 562
NET INTEREST MARGIN (FITCH CONNECT) 2008 2017 1678 144 189 213 107 70 389 566
NON-INTEREST INCOME / TOTAL INCOME 2008 2017 1623 139 187 208 103 70 380 536
(FITCH CONNECT)
OVERHEAD COSTS / TOTAL ASSETS (FITCH 2008 2017 1683 147 189 213 107 70 390 567
CONNECT)
RETURN ON ASSETS (FITCH CONNECT) 2008 2017 1676 147 189 213 107 68 390 562
RETURN ON EQUITY (FITCH CONNECT) 2008 2017 1679 147 189 213 107 68 390 565
CREDIT TO GOVERNMENT AND SOES / 2008 2017 1660 163 168 227 91 70 423 518
GDP (IFS)
LENDING-DEPOSIT SPREAD (IFS) 2008 2017 1153 161 132 210 68 54 240 288
PRIVATE CREDIT TO DEPOSITS (IFS) 2008 2017 1682 173 169 220 98 70 430 522
CONSOLIDATED FOREIGN CLAIMS OF BIS- 2008 2017 1777 185 190 227 103 70 442 560
LIQUID ASSETS / DEPOSITS & SHORT 2008 2017 1675 150 190 213 107 70 391 554
TERM FUNDING (FITCH CONNECT)
BANK CAPITAL TO ASSETS (FSI) 2008 2017 1147 98 174 137 52 44 211 431
NPLS TO TOTAL GROSS LOANS (FSI) 2008 2017 1203 101 174 137 59 48 217 467
PROVISIONS TO NPLS (FSI) 2008 2017 1165 99 168 137 57 48 215 441
REGULATORY CAPITAL TO RISK- 2008 2017 1214 100 174 137 60 48 210 485
WEIGHTED ASSETS (FSI)
OUTSTANDING DOMESTIC PRIVATE DEBT 2008 2017 256 40 20 39 10 0 10 137
OUTSTANDING DOMESTIC PUBLIC DEBT 2008 2017 314 49 20 40 10 18 10 167
OUTSTANDING INTERNATIONAL PRIVATE 2008 2017 745 75 66 106 29 12 18 439
OUTSTANDING INTERNATIONAL PUBLIC 2008 2017 961 81 112 136 44 22 98 468
GROSS PORTFOLIO DEBT ASSETS / GDP 2008 2017 1146 96 153 161 33 37 197 469
(IFS)
GROSS PORTFOLIO DEBT LIABILITIES / 2008 2017 1123 75 145 156 27 40 207 473
GDP (IFS)
PERCENT MARKET CAPITALIZATION OF 2008 2017 432 50 25 40 32 20 19 246
TOP 10 LARGEST COMPANIES (WFE)
37
Observations
High Income
Latest Year
Start Year
MNA
Total
ECA
SAR
EAP
AFR
LCR
Indicator
PERCENT VALUE TRADED OF TOP 10 2008 2017 427 50 26 39 31 20 19 242
NO OF LISTED COMPANIES (WFE) 2008 2017 734 69 53 65 60 37 56 394
STOCK MARKET CAPITALIZATION / GDP 2008 2017 648 64 43 48 58 35 49 351
(WFE)
STOCK MARKET TURNOVER RATIO (WFE) 2008 2017 611 63 43 45 47 33 44 336
GROSS PORTFOLIO EQUITY & 2008 2017 1123 112 138 135 43 26 211 458
INVESTMENT FUND SHARES ASSETS /
GDP (IFS)
GROSS PORTFOLIO EQUITY 2008 2017 1073 65 158 108 40 39 230 433
&INVESTMENT FUND SHARES LIABILITIES
/ GDP (IFS)
INSURANCE PREMIUMS (LIFE) / GDP 2008 2017 1489 110 154 207 95 49 332 542
(AXCO)
INSURANCE PREMIUMS (NON-LIFE) / GDP 2008 2017 1559 116 179 208 95 49 361 551
(AXCO)
INSURANCE COMPANY ASSETS / GDP 2008 2017 1223 81 144 161 51 42 267 477
(NBFI)
MUTUAL FUND ASSETS / GDP (NBFI) 2008 2017 668 40 67 67 0 29 35 430
PENSION FUND ASSETS / GDP (NBFI) 2008 2017 748 53 88 97 7 22 78 403
GLOBAL LEASING VOLUME / GDP (WHC) 2008 2016 459 18 58 42 32 1 18 290
TOTAL FACTORING VOLUME / GDP (FCI) 2008 2017 677 47 88 61 40 14 22 405
PERCENT OF ADULTS WITH AN ACCOUNT 2011 2017 407 28 56 47 23 16 100 137
AT A FORMAL INSTITUTION (FINDEX)
TOTAL BOND ISSUANCE VOLUME / GDP 2008 2017 899 74 100 105 40 29 54 497
(DEALOGIC)
TOTAL SYNDICATED LOANS ISSUED 2008 2017 1077 103 119 113 43 48 159 492
VOLUME / GDP (DEALOGIC)
AVERAGE COST OF SENDING USD200 TO 2008 2017 848 110 160 157 70 49 234 68
38
Exhibit 6.3 – FinStats 2019 indicators country coverage by sector
Non-Bank
Debt Equity Financial
Country Banking Markets Markets Institutions Other Total
Country Code (22 Indicators) (8 Indicators) (7 Indicators) (7 Indicators) (2 Indicators) (46 Indicators)
Albania ALB 22 5 2 5 2 36
Algeria DZA 20 1 0 3 2 26
Angola AGO 17 5 2 4 2 30
Antigua and Barbuda ATG 15 3 2 2 0 22
Argentina ARG 22 8 7 6 1 44
Armenia ARM 22 6 2 5 2 37
Aruba ABW 14 6 1 2 0 23
Australia AUS 19 8 7 7 1 42
Austria AUT 19 6 7 7 1 40
Azerbaijan AZE 22 6 0 4 2 34
Bahamas, The BHS 18 4 0 3 0 25
Bahrain BHR 18 6 7 4 1 36
Bangladesh BGD 22 4 5 3 2 36
Barbados BRB 16 6 5 5 0 32
Belarus BLR 21 6 3 4 2 36
Belgium BEL 19 6 5 7 1 38
Belize BLZ 18 1 0 2 1 22
Benin BEN 16 2 2 3 2 25
Bhutan BTN 22 1 0 0 1 24
Bolivia BOL 22 6 2 6 2 38
Bosnia and Herzegovina BIH 22 3 2 4 2 33
Botswana BWA 22 4 2 4 2 34
Brazil BRA 22 8 7 7 2 46
Brunei Darussalam BRN 19 1 0 3 0 23
Bulgaria BGR 22 6 5 7 2 42
Burkina Faso BFA 17 3 2 3 1 26
Burundi BDI 21 1 1 2 1 26
Cabo Verde CPV 17 2 2 3 1 25
Cambodia KHM 21 2 1 2 2 28
Cameroon CMR 22 5 2 3 2 34
Canada CAN 19 8 7 7 1 42
Central African Republic CAF 21 0 0 2 1 24
Chad TCD 22 1 0 3 1 27
Chile CHL 22 6 7 7 1 43
China CHN 22 8 7 7 2 46
Colombia COL 22 8 6 7 2 45
Comoros COM 13 0 0 0 2 15
Congo, Dem. Rep. COD 18 3 0 3 1 25
Congo, Rep. COG 22 1 0 3 2 28
Costa Rica CRI 22 6 5 6 2 41
Côte d'Ivoire CIV 16 5 1 3 2 27
Croatia HRV 22 8 5 6 2 43
Cyprus CYP 19 6 7 6 1 39
Czech Republic CZE 22 6 5 7 1 41
Denmark DNK 17 8 2 7 1 35
Djibouti DJI 22 0 0 3 1 26
Dominica DMA 16 2 2 2 0 22
Dominican Republic DOM 22 6 1 5 2 36
Ecuador ECU 22 6 1 5 2 36
Egypt, Arab Rep. EGY 22 6 7 6 2 43
El Salvador SLV 21 6 1 4 2 34
Equatorial Guinea GNQ 19 1 0 2 0 22
Eritrea ERI 14 1 0 2 1 18
39
Non-Bank
Estonia EST 21 6 2 7 2 38
Ethiopia ETH 17 3 0 3 2 25
Fiji FJI 14 4 1 3 1 23
Finland FIN 18 6 2 7 1 34
France FRA 18 6 5 7 1 37
French Polynesia PYF 8 0 0 0 0 8
Gabon GAB 22 3 0 3 1 29
Gambia, The GMB 16 0 0 3 1 20
Georgia GEO 22 6 2 4 2 36
Germany DEU 17 6 7 7 1 38
Ghana GHA 21 5 5 4 2 37
Greece GRC 19 6 7 7 1 40
Grenada GRD 20 4 2 2 0 28
Guatemala GTM 22 6 0 3 2 33
Guinea GIN 21 3 1 2 1 28
Guinea-Bissau GNB 13 2 2 0 0 17
Guyana GUY 18 1 0 4 1 24
Haiti HTI 15 1 0 2 2 20
Honduras HND 22 6 1 5 2 36
Hong Kong SAR, China HKG 19 6 6 7 1 39
Hungary HUN 22 8 7 7 2 46
Iceland ISL 18 8 2 5 0 33
India IND 21 7 7 7 2 44
Indonesia IDN 22 8 7 5 2 44
Iran, Islamic Rep. IRN 15 1 5 4 1 26
Ireland IRL 19 6 6 7 1 39
Israel ISR 21 8 7 6 1 43
Italy ITA 19 6 7 7 1 40
Jamaica JAM 18 6 5 5 2 36
Japan JPN 20 8 7 7 1 43
Jordan JOR 22 5 7 4 2 40
Kazakhstan KAZ 20 6 7 7 2 42
Kenya KEN 22 4 3 5 2 36
Kiribati KIR 9 0 1 0 1 11
Korea, Rep. KOR 20 8 7 7 2 44
Kuwait KWT 19 6 3 3 1 32
Kyrgyz Republic KGZ 21 4 2 3 2 32
Lao PDR LAO 18 4 0 2 2 26
Latvia LVA 21 6 2 7 2 38
Lebanon LBN 22 6 3 4 2 37
Lesotho LSO 22 0 0 4 2 28
Liberia LBR 17 1 1 1 2 22
Libya LBY 15 0 0 3 1 19
Lithuania LTU 20 6 2 7 2 37
Luxembourg LUX 18 4 5 7 1 35
Macao SAR, China MAC 18 2 0 2 0 22
Macedonia, FYR MKD 22 5 2 5 2 36
Madagascar MDG 21 1 2 3 2 29
Malawi MWI 21 1 2 4 2 30
Malaysia MYS 22 8 7 7 2 46
Maldives MDV 19 4 1 1 0 25
Mali MLI 16 3 2 3 2 26
Malta MLT 19 4 6 6 1 36
Marshall Islands MHL 9 2 0 0 0 11
Mauritania MRT 22 1 0 2 1 26
40
Non-Bank
Mauritius MUS 22 4 7 6 1 40
Mexico MEX 22 8 7 7 2 46
Micronesia, Fed. Sts. FSM 10 1 1 0 0 12
Moldova MDA 22 3 2 4 2 33
Mongolia MNG 18 6 2 3 1 30
Morocco MAR 21 6 7 5 2 41
Mozambique MOZ 20 5 2 4 2 33
Myanmar MMR 20 2 1 2 2 27
Namibia NAM 22 5 5 5 2 39
Nepal NPL 22 2 2 3 2 31
Netherlands NLD 20 6 5 7 1 39
New Zealand NZL 19 7 7 6 1 40
Nicaragua NIC 18 3 2 3 2 28
Niger NER 16 3 2 3 1 25
Nigeria NGA 21 6 7 6 2 42
Norway NOR 19 6 7 7 1 40
Oman OMN 20 4 5 3 1 33
Pakistan PAK 22 7 5 5 2 41
Panama PAN 22 6 4 4 2 38
Papua New Guinea PNG 17 1 3 4 1 26
Paraguay PRY 22 5 1 4 2 34
Peru PER 22 8 7 7 2 46
Philippines PHL 22 7 7 6 2 44
Poland POL 21 6 7 7 2 43
Portugal PRT 19 6 5 7 1 38
Qatar QAT 17 4 5 3 1 30
Romania ROU 21 6 5 7 2 41
Russian Federation RUS 21 8 7 7 1 44
Rwanda RWA 22 4 2 3 2 33
Samoa WSM 21 0 0 0 1 22
São Tomé and Principe STP 8 2 1 0 0 11
Saudi Arabia SAU 17 7 7 4 1 36
Senegal SEN 20 5 2 3 2 32
Serbia SRB 20 5 4 7 2 38
Seychelles SYC 20 3 3 2 0 28
Sierra Leone SLE 21 2 2 2 2 29
Singapore SGP 19 5 7 6 1 38
Slovak Republic SVK 21 6 5 7 1 40
Slovenia SVN 21 6 7 7 1 42
Solomon Islands SLB 14 0 1 0 1 16
South Africa ZAF 20 8 7 7 2 44
South Sudan SSD 20 0 0 0 2 22
Spain ESP 19 6 7 7 1 40
Sri Lanka LKA 21 6 6 5 2 40
St. Kitts and Nevis KNA 15 2 2 0 0 19
St. Lucia LCA 16 2 2 2 0 22
St. Vincent and the Grenadines VCT 20 1 2 2 0 25
Sudan SDN 16 0 2 3 2 23
Suriname SUR 18 4 1 4 1 28
Swaziland SWZ 22 2 2 2 2 30
Sweden SWE 21 8 2 7 1 39
Switzerland CHE 20 8 7 7 1 43
Syrian Arab Republic SYR 16 2 1 4 2 25
Taiwan, China TWN 9 4 2 4 0 19
Tajikistan TJK 21 5 1 2 2 31
41
Non-Bank
Tanzania TZA 22 5 1 4 2 34
Thailand THA 22 8 7 6 2 45
Timor-Leste TLS 15 2 2 0 0 19
Togo TGO 16 4 2 3 2 27
Tonga TON 21 0 0 0 1 22
Trinidad and Tobago TTO 22 6 2 5 1 36
Tunisia TUN 20 5 5 4 2 36
Turkey TUR 21 8 7 7 2 45
Turkmenistan TKM 12 1 0 1 1 15
Uganda UGA 22 3 2 5 2 34
Ukraine UKR 22 6 5 6 2 41
United Arab Emirates ARE 19 4 5 4 1 33
United Kingdom GBR 18 6 7 7 1 39
United States USA 18 6 7 7 1 39
Uruguay URY 21 6 2 5 1 35
Uzbekistan UZB 17 1 0 4 2 24
Vanuatu VUT 21 1 0 0 1 23
Venezuela, RB VEN 21 6 3 4 1 35
Vietnam VNM 22 4 3 4 2 35
Yemen, Rep. YEM 22 1 0 3 2 28
Zambia ZMB 22 4 5 4 2 37
42
Exhibit 6.4 – FinStats indicators description and sources
Indicator Variable Description Calculation Source
BANKING
Access
For each type of institution
Number of depositors with calculated as: (reported number IMF Financial
Accounts per Thousand
commercial banks per 1,000 of depositors)*1,000/adult Access
Adults, Commercial Banks
adults population in the reporting Survey
country.
For each type of reporting
institution calculated as:
Number of Branches per IMF Financial
Number of commercial bank (number of institutions + number
100,000 Adults, Commercial Access
branches per 100,000 adults of branches)*100,000/adult
Banks Survey
population in the reporting
country.
Question K8. Firm observations
are aggregated to country level
using firm-specific weights.
Proportion of firms in the formal “Standardized data 2006-2010” Enterprise
% of Firms with Line of
sector with a line of credit or a was used to ensure comparability, Survey -
Credit (All Firms)
loan from a financial institution. which however results in lower World Bank
coverage. 2009 observations were
put in 2008 to run the
benchmarking methodology.
Question K8. Firm observations
are aggregated to country level
using firm-specific weights.
Proportion of small firms in the
“Standardized data 2006-2010” Enterprise
% of Firms with Line of formal sector with a line of
was used to ensure comparability, Survey -
Credit (Small Firms) credit or a loan from a financial
which however results in lower World Bank
institution.
coverage. 2009 observations were
put in 2008 to run the
benchmarking methodology.
Size/Depth/External position
IFS line 22D / GDP. Local currency
GDP is from IFS. Missing
observations are imputed by using IMF
Domestic private credit to the
GDP growth rates from World International
Bank Private Credit / GDP real sector by deposit money
Development Indicators, instead Financial
banks to GDP.
of substituting the levels. This Statistics
approach ensures a smoother GDP
series.
43
(IFS line 24 + line 25) / GDP. Local
currency GDP is from IFS. Missing
observations are imputed by using IMF
Domestic demand, time and
Domestic Bank Deposits / GDP growth rates from World International
savings deposits in deposit money
GDP Development Indicators, instead Financial
banks to GDP.
of substituting the levels. This Statistics
approach ensures a smoother GDP
series.
(Items A+L from Table 9A) / GDP.
Consolidated Foreign Claims Consolidated foreign claims of BIS- End-of-year data (i.e. December Bank for
of BIS-Reporting Banks / reporting banks to GDP relative to data) are considered for banks International
GDP the country of interest. claims. GDP is from World Settlements
Development Indicators.
Stability
Private credit by deposit money IMF
IFS line 22D / (IFS line 24_ + line
banks as a share of domestic International
Private Credit / Deposits 25A + line 25B + line 25L + line
demand, time and saving deposits Financial
25_).
in deposit money banks. Statistics
Reported by IMF staff. Note that
due to differences in national IMF Global
Regulatory Capital to Risk- Regulatory capital to risk-weighted accounting, taxation, and Financial
Weighted Assets assets. supervisory regimes, these data Stability
are not strictly comparable across Report
countries.
Non-performing loans to total accounting, taxation, and Financial
NPLs / Total Gross Loans
gross loans. supervisory regimes, these data Stability
countries.
Provisions to non-performing accounting, taxation, and Financial
Provisions to NPLs
loans. supervisory regimes, these data Stability
countries.
Liquid Assets = Loans and
advances to banks + Trading
Securities and at FV through
income + Available for Sale (Data2140 + data2150 + data2170
Securities + Cash and Due From +2270 -2275) / data2580.X.
Liquid Assets / Deposits & Fitch
Banks (NEA) – Memo: Mandatory Numerator and denominator are
Short Term Funding Connect
Reserves. Deposits & Short term first aggregated on the country
funding = Total customer deposits level before division.
+ deposits from banks + Repos and
Cash Collateral + Other deposits
and short-term borrowings.
44
Efficiency/structure
accounting, taxation, and Financial
Bank Capital to Assets Capital to assets ratio.
supervisory regimes, these data Stability
countries.
Total Assets of three largest banks
as a share of assets of all
commercial banks. Note this
indicator can be misleading if Fitch
(Sum(data2350) for three largest
Connect does not cover all banks
banks in Fitch Connect) /
in the system. Total Assets = Total
(Sum(data2350) for all banks in
3-Bank Asset Concentration earning assets + Cash and due Fitch Connect
Fitch Connect). Only reported if
from banks + Fixed assets +
number of banks in Fitch Connect
Goodwill + Other intangibles +
is 3 or more.
Current tax assets + Deferred tax +
Other assets. See Net Interest
Margin for definition of Total
earning assets.
Accounting value of bank's net
interest revenue as a share of its
average interest-bearing (total
Data1080[t] / ((data2250[t] +
earning) assets. Net Interest
data2250[t-1])/2). Numerator
Revenue (or Income) = Gross
and denominator are aggregated
interest and dividend income -
Net Interest Margin on the country level before Fitch Connect
Total interest expense. Total
division. Note that banks used in
Earning Assets = Net loans + Loans
the calculation might differ
and advances to banks +
between indicators.
Investments in property + Total
Securities + Insurance assets +
Other earning assets.
IMF
International
Lending-Deposits Spread Lending rate minus deposit rate. IFS line 60P - line 60L.
Financial
Statistics
Non-interest income as a
Data1130 / (data1130 +
percentage of net-interest income
data1080). Number is only
plus non-interest income. Non-
Non-Interest Income / Total calculated when net-interest
interest income = Other Operating Fitch Connect
income income is not negative. Note that
Income. See Net Interest Margin
banks used in the calculation
for definition of Net interest
might differ between indicators.
income.
45
Net income to yearly averaged Data1285[t] / ((data2350[t] +
total assets. Net income = Net data2350[t-1])/2). Numerator and
income before profit transfers – denominator are first aggregated
Fitch
Return on Assets Profit transfers to parent on the country level before
Connect
companies. See 3-Bank Asset division. Note that banks used in
Concentration for definition of the calculation might differ
Total Assets. between indicators.
Net income to yearly averaged
equity. Equity =Pref. shares and
Data1285[t] / ((data21490[t] +
hybrid capital accounted for as
data21490[t-1])/2). Numerator and
equity + Common Equity + Non-
denominator are first aggregated
controlling interest +Securities Fitch
Return on Equity on the country level before
revaluation reserves + Foreign Connect
exchange revaluation reserves +
Fixed asset revaluations. See
between indicators.
Return on Assets for definition of
Net Income
Data1170[t] / ((data2350[t] +
Overhead costs to total average
data2350[t-1])/2). Numerator and
assets. Overhead Costs =
denominator are first aggregated
Overhead Costs / Total Personnel Expenses + Other Fitch
on the country level before
Assets Operating Expenses. See 3-Bank Connect
Asset Concentration for definition
of Total Assets.
between indicators.
(IFS line 22A + line 22B + line 22C) /
GDP. Local currency GDP is from
Ratio between credit by domestic IFS. Missing observations are IMF
Credit to Government and money banks to the government imputed by using GDP growth rates International
SOEs / GDP and state-owned Enterprises and from World Development Financial
GDP. Indicators, instead of substituting Statistics
the levels. This approach ensures a
smoother GDP series.
Overhead costs / (net-interest
revenue + other operating
income). See Overhead Costs / Data1170 / (data1080 + data1130).
Total Assets for definition of All Numerator and denominator
Overhead Costs. See Net Interest are first aggregated on the country Fitch
Cost to Income Ratio
Margin for definition of Net level before division. Note that Connect
interest revenue. See Non- banks used in the calculation might
Interest Income / Total Income for differ between indicators.
definition of Other operating
income.
STOCK MARKETS
WFE (World
Number of listed domestic All data from World Development
No of Listed Companies Development
companies. Indicators.
Indicators)
WFE (World
Stock Market Capitalization Stock market capitalization to All data from World Development
Development
/ GDP GDP. Indicators.
Indicators)
46
WFE (World
Stock Market Turnover Value traded / stock market All data from World Development
Development
Ratio capitalization. Indicators.
Indicators)
WFE provides data on the exchange
Percent Market Market capitalization of top ten World
level. This variable is aggregated up
Capitalization of Top 10 largest companies to total market Federation of
to the country level by taking a
Largest Companies capitalization. Exchanges
simple average over exchanges.
WFE provides data on the exchange
World
Percent Value Traded of Value traded of top 10 traded level. This variable is aggregated up
Federation of
Top 10 Traded Companies companies to total value traded. to the country level by taking a
Exchanges
simple average over exchanges.
IFS line 8BALAZF / GDP. Local currency
GDP is from IFS. Missing observations
are imputed by using GDP growth rates IMF
Gross Portfolio Equity &
Gross portfolio equity and investment from World Development Indicators, International
Investment Fund Shares
fund shares liabilities / GDP. instead of substituting the levels. This Financial
Liabilities / GDP approach ensures a smoother GDP Statistics
series. The exchange rate is from World
IFS line 8BAAAZF / GDP. Local currency
Gross Portfolio Equity & Gross portfolio equity and
from World Development Indicators, International
Investment Fund Shares investment fund shares assets /
instead of substituting the levels. This Financial
Assets / GDP GDP. approach ensures a smoother GDP Statistics
DEBT MARKETS
Domestic debt amount: all issuers
minus governments) / GDP. End of year
data (i.e. December data) are
considered for debt securities. Local
currency GDP from IFS is converted to
Outstanding Domestic Bank for
Amount of outstanding domestic USD. Missing observations are imputed
Private Debt Securities / International
private debt securities to GDP. by using GDP growth rates from World
GDP Development Indicators, instead of Settlements
substituting the levels. This approach
ensures a smoother GDP series. The
exchange rate is from World
Domestic debt amount: governments /

GDP. End of year data (i.e. December
data) are considered for debt
securities. Local currency GDP from IFS
Outstanding Domestic is converted to USD. Missing Bank for
Amount of outstanding domestic
Public Debt Securities / observations are imputed using GDP International
public debt securities to GDP.
GDP growth rates from World Development Settlements
Indicators (WDI), instead of substituting
the levels. This approach ensures a
smoother GDP series. The exchange
rate is from WDI.
47
International debt amount: all issuers -
International debt amount:
governments)) / GDP. End of year data
(i.e. December data) are considered for
debt securities. Local currency GDP
Outstanding International Amount of outstanding from IFS is converted to USD. Missing Bank for
Private Debt Securities / international private debt observations are imputed by using GDP International
GDP securities to GDP. growth rates from World Development Settlements
Indicators, instead of substituting the
levels. This approach ensures a
rate is from World Development
Indicators.
International debt amount:
governments / GDP. End of year data
(i.e. December data) are considered for
debt securities. Local currency GDP
from IFS is converted to USD. Missing
Outstanding International Bank for
Amount of outstanding international observations are imputed by using GDP
Public Debt Securities / International
public debt securities to GDP. growth rates from World Development
GDP Settlements
Indicators, instead of substituting the
levels. This approach ensures a
rate is from World Development
Indicators.
IFS line 8BBLAZF / GDP. Local currency
Gross Portfolio Debt Gross portfolio debt liabilities / from World Development Indicators, International
Liabilities / GDP GDP. instead of substituting the levels. This Financial
approach ensures a smoother GDP Statistics
IFS line 8BBAAZF / GDP. Local currency
Gross Portfolio Debt Assets from World Development Indicators, International
Gross portfolio debt assets / GDP.
/ GDP instead of substituting the levels. This Financial
approach ensures a smoother GDP Statistics
Sum of total proceeds of all bonds
issued in the year by all domestic
entities in both domestic and
international markets. Local currency
GDP from IFS is converted to USD.
Total Bond Issuance Total private and public bond issuance Missing observations are imputed by
Dealogic
Volume / GDP volume to GDP. using GDP growth rates from World
Development Indicators, instead of
48
Sum of total volume of all syndicated
loans issued in the year by domestic
entities which includes both domestic
and cross-border deals. Local currency
GDP from IFS is converted to USD.
Total Syndicated Loans Total private and public syndicated Missing observations are imputed by
Dealogic
Issued Volume / GDP loans issued volume to GDP. using GDP growth rates from World
Development Indicators, instead of
NON-BANK FINANCIAL INSTITUTIONS
NBFI
database -
Data taken from a variety of sources
World Bank
Pension Fund Assets / GDP Assets of pension funds to GDP. such as OECD, AIOS, FIAP and national
sources.
(compiled by
D.
Sourrouille)
NBFI database
Data taken from a variety of sources - World Bank
Mutual Fund Assets / GDP Assets of mutual funds to GDP. such as Investment Company Institute (compiled by
and national sources. D.
Sourrouille)
NBFI
database -
Insurance Company Assets Assets of insurance companies to Data taken from a variety of sources World Bank
/ GDP GDP. such as AXCO and national sources. (compiled by
D.
Sourrouille)
Insurance Premiums (Life) /
Insurance premiums (life) / GDP. GDP data provided by AXCO were used. AXCO
GDP
Insurance Premiums (Non-
Insurance premiums (non-life) / GDP. GDP data provided by AXCO were used. AXCO
Life) / GDP
Global leasing volume refers to new
business closed during the year, not White Clarke
Global Leasing Volume /
portfolio value. Essentially, these data Ratios calculated by source Global Leasing
GDP are a litmus test of new leasing Report
activity during the year.
49
Total factoring volume is comprised of the following
items: 1) Domestic Factoring which includes: i) Invoice
Discounting (Accounts Receivable Financing/Block
Discounting/ Undisclosed factoring) - Financing of
accounts receivable with or without recourse, but
without the administrative services of ledger
maintenance or collection service; normally non-
notification; ii) Recourse Factoring - Purchase of
accounts receivable or bills of exchange, with recourse;
includes ledger maintenance, with or without credit
investigation, collections; with notification, and
normally with financing; iii) Non-Recourse Factoring -
Purchase of accounts receivable or bills of exchange,
without recourse, with notification, with or without
financing, and including credit investigation and credit
protection, collection and ledger maintenance; iv) GDP data provided by
Factors
Total Factoring Volume / Collection Service - Legal and special purpose collection; IFS and converted into
Chain
GDP and 2) International factoring which includes: i) Two- USD using IFS exchange
International
Factor Exports - An Export Factor works closely with a rates
foreign Import Factor. The latter provides either a full
service (collections and credit protection) or collection
only or a credit protection only service. The Export
Factor may or may not offer finance; ii)Direct Exports -
An Export Factor does not use a foreign Import Factor,
but offers the exporter a range of services, with or
without recourse with credit insurance companies
and/or collection companies; iii) Two-Factor Imports -
An Import Factor works closely with a foreign Export
Factor and offers either a full service (collections and
credit protection) or collection only or non-notification
credit protection service; iv) Direct Imports - An Import
Factor does not work with a foreign Export Factor, but
signs a factoring contract directly with a foreign
exporter and offers a range of factoring services.
OTHER
The percentage of respondents with an account (self or The Global
together with someone else) at a bank, credit union, Financial
Percent of Adults with an
another financial institution (e.g., cooperative, Ratios calculated by Inclusion
account at a Formal
microfinance institution), or the post office (if source (Global
Institution applicable) including respondents who reported having Findex)
a debit card (% age 15+). Database
Cost is expressed as a percentage of USD200 (or local
currency equivalent in sending country). This indicator
is the simple average of the total cost of sending USD
200 (or local currency equivalent in sending country) Remittance
charged by each Remittance Service Provider (RSP) Prices
Average cost of sending Averages calculated by
included in the database. RSPs not disclosing all Worldwide
USD200 to selected country elements of the cost are not included in the calculation.
source
database
For each remittance-receiving country, a representative (RPW)
sample of sending countries is used to calculate the
cost. For more information on this indicator, please
contact Oya Pinar Ardic Alper (oardicalper@ifc.org)
50
Exhibit 6.5 – List of transition countries, Offshore Financial Centers, and fuel
exporters
Transition Offshore financial Fuel exporters Landlocked
Fuel exporters
countries centers (continued) Countries
Antigua and
Albania Algeria Tunisia Armenia
Barbuda
Armenia Aruba Angola Turkmenistan Austria
Azerbaijan Bahamas, The Australia U. Arab Emirates Azerbaijan
Belarus Bahrain Azerbaijan Venezuela, RB Belarus
Bosnia Barbados Bahamas, The Vietnam Bhutan
Bulgaria Belize Bahrain Yemen, Rep. Bolivia
Croatia Botswana Belarus Botswana
Czech Republic Brunei Darussalam Bhutan Burkina Faso
Estonia Cabo Verde Bolivia Burundi
Georgia Costa Rica Brunei Darussalam Central African Rep.
Hungary Cyprus Cameroon Chad
Kazakhstan Dominica Canada Congo, Dem. Rep.
Kyrgyz Republic Grenada Colombia Czech Republic
Latvia Hong Kong, China Congo, Rep. Hungary
Lithuania Ireland Côte d'Ivoire Kazakhstan
Macedonia, FYR Lebanon Ecuador Kyrgyz Republic
Moldova Luxembourg Egypt, Arab Rep. Lao PDR
Poland Macao, China Gabon Lesotho
Russian Federation Malaysia Greece Luxembourg
Serbia Malta Indonesia Macedonia, FYR
Slovak Republic Marshall Islands Iran, Islamic Rep. Malawi
Slovenia Mauritius Kazakhstan Mali
Tajikistan Panama Kuwait Moldova
Turkmenistan Samoa Libya Mongolia
Ukraine Seychelles Lithuania Nepal
Uzbekistan Singapore Malaysia Niger
St. Kitts and Nevis Mexico Paraguay
St. Lucia Mozambique Rwanda
St. Vin. Grenadines Myanmar Serbia
Switzerland Nigeria Slovak Republic
Uruguay Norway South Sudan
Vanuatu Oman Swaziland
Paraguay Switzerland
Qatar Tajikistan
Russian Federation Turkmenistan
Saudi Arabia Uganda
Senegal Uzbekistan
Singapore Zambia
Sudan
Syrian Arab Rep.
Trinidad & Tobago
Note: Source for Offshore Financial Centers is IMF (2006). Offshore Financial Centers: The Assessment Program—
A Progress Report.
51
Exhibit 6.6 – Median regression results
Statistically significant coefficients in gray (p-value <0.1). The 25th and 75th percentile regression results are available upon request.
Transition dummy
Countries dummy
Offshore dummy
Log Population
Log Population
capita squared
Fuel Exporter
Ratio, young
Dependency
Dependency
Log GDP per
Log GDP per
Pseudo R2
Ratio, old
Landlock
Log Age
Log Age
dummy
Density
capita
Obs.
Size
Indicator
ACCOUNTS PER THOUSAND ADULTS, 2.150 -0.102 -0.016 0.0974 -0.635 0.055 0.103 -0.0504 -0.296 -0.127 1,280 0.52
NUMBER OF BRANCHES PER 100,000 1.709 -0.0801 -0.00188 0.00315 -0.300 0.224 0.431 0.360 -0.136 -0.128 2,083 0.49
ADULTS, COMMERCIAL BANKS (IMF)
PERCENT OF FIRMS WITH LINE OF CREDIT 0.745 -0.0441 -0.0452 -0.00229 -0.442 0.541 -0.263 -0.830 -0.246 0.259 205 0.33
PERCENT OF FIRMS WITH LINE OF CREDIT 1.168 -0.0661 -0.0810 0.0209 -0.535 0.358 -0.247 -0.897' -0.285 0.219 200 0.36
DOMESTIC BANK DEPOSITS / GDP (IFS) 0.845 -0.0412 0.0314 0.0609 -0.583 0.0808 0.430 -0.618 -0.215 -0.169 3,527 0.44
PRIVATE CREDIT / GDP (IFS) 0.464 -0.0175 0.0378 0.00473 -0.804 0.165 0.363 -0.674 -0.271 -0.161 3,540 0.44
3 BANK ASSET CONCENTRATION (FITCH -0.549 0.0310 -0.147 -0.00528 -0.012 -0.0109 -0.189 -0.186 0.0701 0.0395 2,913 0.32
CONNECT)
COST TO INCOME RATIO (FITCH CONNECT) -0.00964 0.000848 0.00515 -0.00334 0.261 0.200 -0.0626 0.0911 -0.0730 0.0316 3,336 0.08
NET INTEREST MARGIN (FITCH CONNECT) 0.722 -0.0545 -0.0683 -0.0214 0.212 -0.155 -0.143 0.308 0.00722 0.0402 3,336 0.36
NON-INTEREST INCOME / TOTAL INCOME -0.338 0.0152 -0.00692 -0.104 0.397 0.255 0.395 0.128 0.195 0.066 3,186 0.08
(FITCH CONNECT)
OVERHEAD COSTS / TOTAL ASSETS (FITCH 0.869 -0.0609 -0.0502 -0.0262 0.527 0.0518 -0.157 0.346 -0.0342 0.133 3,353 0.34
CONNECT)
RETURN ON ASSETS (FITCH CONNECT) 0.133 -0.0118 -0.0690 0.0011 0.238 -0.352 -0.0563 0.431 0.0313 -0.0191 3,078 0.17
RETURN ON EQUITY (FITCH CONNECT) -0.249 0.0127 -0.0398 -0.0089 0.213 -0.170 -0.0813 -0.0175 -0.0578 -0.0642 3,078 0.13
CREDIT TO GOVERNMENT AND SOES / GDP 0.612 -0.0296 0.0880 0.183 -0.485 -0.0512 0.0656 -0.419 -0.119 -0.293 3,428 0.22
(IFS)
LENDING-DEPOSIT SPREAD (IFS) -0.099 -0.00498 -0.0937 -0.0101 0.349 0.0720 -0.0909 0.235 0.0988 0.0625 2,499 0.26
PRIVATE CREDIT TO DEPOSITS (IFS) 0.0712 -0.00119 0.0071 -0.0362 -0.140 0.0963 -0.0772 -0.0813 0.0227 0.0705 3,471 0.12
CONSOLIDATED FOREIGN CLAIMS OF BIS- 0.408 -0.00373 -0.0453 0.0470 -0.201 0.391 0.955 -0.066 -0.106 -0.565 3,610 0.38
LIQUID ASSETS / DEPOSITS & SHORT TERM -0.850 0.0508 -0.0172 0.0140 0.159 0.0354 -0.0133 0.185 0.0571 0.0288 3,405 0.06
BANK CAPITAL TO ASSETS (FSI) 0.439 -0.0295 -0.0370 0.00285 -0.0833 -0.271 -0.0089 0.303 0.0292 0.0274 1,864 0.33
NPLS TO TOTAL GROSS LOANS (FSI) 0.365 -0.0387 -0.0507 0.181 0.16 -0.127 -0.425 0.596 0.190 -0.197 1,941 0.25
PROVISIONS TO NPLS (FSI) 0.775 -0.0425 0.0585 -0.0571 -0.00306 -0.176 -0.0734 -0.05 -0.111 0.0555 1,760 0.11
REGULATORY CAPITAL TO RISK-WEIGHTED -0.0821 0.00571 -0.0152 0.00681 0.129 -0.103 0.0714 0.205 -0.0129 0.0489 1,945 0.23
ASSETS (FSI)
OUTSTANDING DOMESTIC PRIVATE DEBT 1.27 -0.0409 -0.0269 -0.049 -2.162 -0.828 -2.550 -2.513 -0.589 1.552 390 0.42
52
Transition dummy
Countries dummy
Offshore dummy
Log Population
Log Population
capita squared
Fuel Exporter
Ratio, young
Dependency
Dependency
Log GDP per
Log GDP per
Pseudo R2
Ratio, old
Landlock
Log Age
Log Age
dummy
Density
capita
Obs.
Size
Indicator
OUTSTANDING DOMESTIC PUBLIC DEBT 2.053 -0.0950 0.192 0.00126 0.769 0.549 1.209 -0.777 -0.666 -1.596 506 0.27
OUTSTANDING INTERNATIONAL PRIVATE 0.17 0.0402 0.142 -0.00857 -0.399 0.265 0.633 -0.900 0.141 0.340 1,439 0.43
OUTSTANDING INTERNATIONAL PUBLIC 1.619 -0.0913 -0.256 -0.172 0.079 0.263 0.00357 -0.109 0.128 -0.0765 1,804 0.13
GROSS PORTFOLIO DEBT ASSETS/GDP(IFS) -1.444 0.123 -0.255 0.242 -0.09 0.720 0.307 -1.145 0.296 0.174 1,764 0.40
GROSS PORTFOLIO DEBT LIABILITIES / GDP 3.748 -0.165 0.0184 -0.0115 1.164 1.391 -0.384 -0.475 -0.0144 -0.330 1,687 0.42
(IFS)
PERCENT MARKET CAPITALIZATION OF TOP 0.566 -0.0341 -0.124 -0.0341 0.205 0.0599 0.136 0.243 0.0920 0.282 761 0.31
10 LARGEST COMPANIES (WFE)
PERCENT VALUE TRADED OF TOP 10 0.612 -0.0423 -0.160 -0.0766 0.212 0.341 0.124 0.054 0.133 0.333 764 0.28
NO OF LISTED COMPANIES (WFE) -0.939 0.0738 0.642 0.139 -0.644 0.0306 0.00509 -0.222 -0.0322 -0.903 1,671 0.45
STOCK MARKET CAPITALIZATION / GDP -1.090 0.0875 0.199 0.0565 -0.0577 -0.261 0.795 -0.190 -0.016 -0.386 1,400 0.35
(WFE)
STOCK MARKET TURNOVER RATIO (WFE) -0.274 0.0433 0.497 0.116 -0.767 0.071 -0.269 -0.308 0.161 -0.0424 1,346 0.46
GROSS PORTFOLIO EQUITY & INVESTMENT -1.190 0.176 -0.133 0.0647 0.199 -1.153 -0.163 -0.440 -0.687 -0.0464 1,675 0.53
FUND SHARES ASSETS / GDP (IFS)
GROSS PORTFOLIO EQUITY & INVESTMENT -0.32 0.0708 0.416 0.132 -0.885 -0.318 0.686 -0.542 -0.204 -0.0875 1,664 0.45
FUND SHARES LIABILITIES / GDP (IFS)
INSURANCE PREMIUMS (LIFE) / GDP (AXCO) 1.595 -0.0591 0.168 0.246 0.0283 0.592 0.368 -1.294 -0.726 0.00349 3,005 0.42
INSURANCE PREMIUMS (NON-LIFE) / GDP 0.921 -0.0425 -0.0946 0.000106 -0.0843 0.327 -0.00214 -0.364 -0.210 -0.0262 3,150 0.41
(AXCO)
INSURANCE COMPANY ASSETS / GDP (NBFI) -1.564 0.120 0.0945 0.214 -0.174 0.585 -0.0465 -0.780 -0.375 -0.122 1,922 0.56
MUTUAL FUND ASSETS / GDP (NBFI) -3.285 0.259 0.165 0.022 -1.330 -1.758 1.796 -0.465 -0.781 0.0771 1,019 0.53
PENSION FUND ASSETS / GDP (NBFI) -1.088 0.112 -0.157 -0.210 0.512 -0.830 0.0845 -0.852 -0.238 0.244 1,126 0.27
GLOBAL LEASING VOLUME / GDP (WHC) -1.534 0.0885 -0.0792 -0.127 -0.504 -0.104 -0.463 0.541 -0.660 0.0242 601 0.29
TOTAL FACTORING VOLUME / GDP (FCI) 9.098 -0.454 -0.0865 0.0406 -0.211 0.529 -1.053 -0.496 -0.452 -0.728 680 0.40
PERCENT OF ADULTS WITH AN ACCOUNT AT 0.808 -0.0286 -0.00381 0.017 -0.166 0.0387 -0.0565 0.0229 -0.0916 -0.0142 378 0.53
A FORMAL INSTITUTION (FINDEX)
TOTAL BOND ISSUANCE VOLUME / GDP 0.00123 0.0241 0.108 0.00377 -0.524 0.434 -0.00623 -0.476 -0.214 0.0986 1,400 0.38
(DEALOGIC)
TOTAL SYNDICATED LOANS ISSUED VOLUME -1.737 0.126 0.0370 -0.0578 -0.0265 -0.212 0.656 -0.054 -0.168 -0.251 1,735 0.26
/ GDP (DEALOGIC)
AVERAGE COST OF SENDING USD200 TO -1.181 0.0734 -0.0506 0.0135 -0.158 0.014 0.149 -0.794 -0.196 0.329 783 0.14
53
Exhibit 6.7 – Data Coverage Differences FinStats 2018 vs. 2019
FinStats
2018 (2008
- 2016) FinStats 2018
Historical New
datapoints datapoints
Indicators Total Obs. (2008 - 2016) (year 2017) Total
ACCOUNTS PER THOUSAND ADULTS, COMMERCIAL BANKS (IMF) 970 976 101 1077
NUMBER OF BRANCHES PER 100,000 ADULTS, COMMERCIAL BANKS 1530 1554 147 1701
PERCENT OF FIRMS WITH LINE OF CREDIT (ALL FIRMS, ENTERPRISE 180 181 11 192
PERCENT OF FIRMS WITH LINE OF CREDIT (SMALL FIRMS, ENTERPRISE 180 181 11 192
DOMESTIC BANK DEPOSITS / GDP (IFS) 1531 1535 158 1693
PRIVATE CREDIT / GDP (IFS) 1531 1536 158 1694
3 BANK ASSET CONCENTRATION (FITCH CONNECT) 1301 1316 121 1437
COST TO INCOME RATIO (FITCH CONNECT) 1520 1523 152 1675
NET INTEREST MARGIN (FITCH CONNECT) 1522 1525 153 1678
NON-INTEREST INCOME / TOTAL INCOME (FITCH CONNECT) 1474 1478 145 1623
OVERHEAD COSTS / TOTAL ASSETS (FITCH CONNECT) 1527 1530 153 1683
RETURN ON ASSETS (FITCH CONNECT) 1521 1524 152 1676
RETURN ON EQUITY (FITCH CONNECT) 1523 1526 153 1679
CREDIT TO GOVERNMENT AND SOES / GDP (IFS) 1502 1505 155 1660
LENDING-DEPOSIT SPREAD (IFS) 968 1046 107 1153
PRIVATE CREDIT TO DEPOSITS (IFS) 1514 1526 156 1682
CONSOLIDATED FOREIGN CLAIMS OF BIS-REPORTING BANKS / GDP 1581 1599 178 1777
LIQUID ASSETS / DEPOSITS & SHORT TERM FUNDING (FITCH CONNECT) 1298 1522 153 1675
BANK CAPITAL TO ASSETS (FSI) 1064 1069 78 1147
NPLS TO TOTAL GROSS LOANS (FSI) 1127 1122 81 1203
PROVISIONS TO NPLS (FSI) 1087 1086 79 1165
REGULATORY CAPITAL TO RISK-WEIGHTED ASSETS (FSI) 1141 1133 81 1214
OUTSTANDING DOMESTIC PRIVATE DEBT SECURITIES / GDP (BIS) 236 231 25 256
OUTSTANDING DOMESTIC PUBLIC DEBT SECURITIES / GDP (BIS) 282 282 32 314
OUTSTANDING INTERNATIONAL PRIVATE DEBT SECURITIES / GDP (BIS) 654 659 86 745
OUTSTANDING INTERNATIONAL PUBLIC DEBT SECURITIES / GDP (BIS) 814 852 109 961
GROSS PORTFOLIO DEBT ASSETS / GDP (IFS) 1028 1036 110 1146
GROSS PORTFOLIO DEBT LIABILITIES / GDP (IFS) 1007 1014 109 1123
PERCENT MARKET CAPITALIZATION OF TOP 10 LARGEST COMPANIES 395 395 37 432
PERCENT VALUE TRADED OF TOP 10 TRADED COMPANIES (WFE) 391 391 36 427
NO OF LISTED COMPANIES (WFE) 690 667 67 734
STOCK MARKET CAPITALIZATION / GDP (WFE) 581 586 62 648
STOCK MARKET TURNOVER RATIO (WFE) 561 560 51 611
GROSS PORTFOLIO EQUITY & INVESTMENT FUND SHARES ASSETS / 1000 1017 106 1123
GDP (IFS)
GROSS PORTFOLIO EQUITY & INVESTMENT FUND SHARES LIABILITIES / 957 970 103 1073
GDP (IFS)
INSURANCE PREMIUMS (LIFE) / GDP (AXCO) 1300 1388 101 1489
INSURANCE PREMIUMS (NON-LIFE) / GDP (AXCO) 1356 1455 104 1559
INSURANCE COMPANY ASSETS / GDP (NBFI) 1085 1160 63 1223
MUTUAL FUND ASSETS / GDP (NBFI) 573 606 62 668
PENSION FUND ASSETS / GDP (NBFI) 666 674 74 748
GLOBAL LEASING VOLUME / GDP (WHC) 409 459 0 459
TOTAL FACTORING VOLUME / GDP (FCI) 611 602 75 677
PERCENT OF ADULTS WITH AN ACCOUNT AT A FORMAL INSTITUTION 274 270 137 407
(FINDEX)
TOTAL BOND ISSUANCE VOLUME / GDP (DEALOGIC) 794 800 99 899
TOTAL SYNDICATED LOANS ISSUED VOLUME / GDP (DEALOGIC) 943 967 110 1077
AVERAGE COST OF SENDING USD200 TO SELECTED COUNTRY (RPWD) 749 749 99 848
54
Exhibit 6.8 – Median of Country-level Averages of Annual Absolute Differences between Actual
Indicators of FinStats 2018 vs. 2019
Median Median
Indicator Difference Indicator Difference
GROSS DOMESTIC PRODUCT (IFS,WDI,WEO) 0.01% OUTSTANDING DOMESTIC PUBLIC DEBT 0.08
ACCOUNTS PER THOUSAND ADULTS, 0.00 OUTSTANDING INTERNATIONAL PRIVATE 0.05
COMMERCIAL BANKS (IMF) DEBT SECURITIES / GDP (BIS)
NUMBER OF BRANCHES PER 100,000 0.00 OUTSTANDING INTERNATIONAL PUBLIC 0.04
ADULTS, COMMERCIAL BANKS (IMF) DEBT SECURITIES / GDP (BIS)
PERCENT OF FIRMS WITH LINE OF CREDIT 0.00 GROSS PORTFOLIO DEBT ASSETS / GDP (IFS) 0.01
PERCENT OF FIRMS WITH LINE OF CREDIT 0.00 GROSS PORTFOLIO DEBT LIABILITIES / GDP 0.01
(SMALL FIRMS, ENTERPRISE SUR) (IFS)
0.01 PERCENT MARKET CAPITALIZATION OF TOP 0.00
DOMESTIC BANK DEPOSITS / GDP (IFS)
0.01 PERCENT VALUE TRADED OF TOP 10 TRADED 0.00
PRIVATE CREDIT / GDP (IFS)
COMPANIES (WFE)
3 BANK ASSET CONCENTRATION (FITCH 0.05 NO OF LISTED COMPANIES (WFE) 0.00
CONNECT)
0.09 STOCK MARKET CAPITALIZATION / GDP 0.00
COST TO INCOME RATIO (FITCH CONNECT)
(WFE)
NET INTEREST MARGIN (FITCH CONNECT) 0.00 STOCK MARKET TURNOVER RATIO (WFE) 0.00
NON-INTEREST INCOME / TOTAL INCOME 0.05 GROSS PORTFOLIO EQUITY & INVESTMENT 0.00
(FITCH CONNECT) FUND SHARES ASSETS / GDP (IFS)
OVERHEAD COSTS / TOTAL ASSETS (FITCH 0.00 GROSS PORTFOLIO EQUITY & INVESTMENT 0.00
CONNECT) FUND SHARES LIABILITIES / GDP (IFS)
RETURN ON ASSETS (FITCH CONNECT) 0.00 INSURANCE PREMIUMS (LIFE) / GDP (AXCO) 0.00
0.02 INSURANCE PREMIUMS (NON-LIFE) / GDP 0.01
RETURN ON EQUITY (FITCH CONNECT)
(AXCO)
CREDIT TO GOVERNMENT AND SOES / GDP 0.00 INSURANCE COMPANY ASSETS / GDP (NBFI) 0.01
(IFS)
LENDING-DEPOSIT SPREAD (IFS) 0.15 MUTUAL FUND ASSETS / GDP (NBFI) 0.02
PRIVATE CREDIT TO DEPOSITS (IFS) 0.00 PENSION FUND ASSETS / GDP (NBFI) 0.01
CONSOLIDATED FOREIGN CLAIMS OF BIS- 0.30 GLOBAL LEASING VOLUME / GDP (WHC) 0.00
LIQUID ASSETS / DEPOSITS & SHORT TERM 25.50 TOTAL FACTORING VOLUME / GDP (FCI) 0.00
0.00 PERCENT OF ADULTS WITH AN ACCOUNT AT 0.00
BANK CAPITAL TO ASSETS (FSI)
A FORMAL INSTITUTION (GF)
0.00 TOTAL BOND ISSUANCE VOLUME / GDP 0.01
NPLS TO TOTAL GROSS LOANS (FSI)
(DEA)
0.00 TOTAL SYNDICATED LOANS ISSUED VOLUME 0.01
PROVISIONS TO NPLS (FSI)
/ GDP (DEA)
REGULATORY CAPITAL TO RISK-WEIGHTED 0.00 AVERAGE COST OF SENDING USD200 TO 0.00
ASSETS (FSI) SELECTED COUNTRY (RPW)
OUTSTANDING DOMESTIC PRIVATE DEBT 0.07
First, for each indicator, we calculated absolute differences of the annual statistical benchmarks between FinStats 2018 and 2019
for each country. Second, we calculated the average annual absolute difference for each country. Third, we computed the median
of the average annual absolute difference of all countries which is reported in the table. “-” is reported for indicators that have been
obtained from a different source from the previous year or have big change in data collection or calculation methodology.
55
Statistical Benchmarks of FinStats 2017 vs. 2018
Median Median
Indicator Difference Indicator Difference
ACCOUNTS PER THOUSAND ADULTS, 15.31 OUTSTANDING DOMESTIC PUBLIC DEBT 1.40
COMMERCIAL BANKS (IMF) SECURITIES / GDP (BIS)
NUMBER OF BRANCHES PER 100,000 ADULTS, 0.41 OUTSTANDING INTERNATIONAL PRIVATE 0.12
COMMERCIAL BANKS (IMF) DEBT SECURITIES / GDP (BIS)
PERCENT OF FIRMS WITH LINE OF CREDIT 2.40 OUTSTANDING INTERNATIONAL PUBLIC DEBT 0.50
(ALL FIRMS, ENTERPRISE SUR) SECURITIES / GDP (BIS)
PERCENT OF FIRMS WITH LINE OF CREDIT 1.64 GROSS PORTFOLIO DEBT ASSETS / GDP (IFS) 0.11
1.33 GROSS PORTFOLIO DEBT LIABILITIES / GDP 0.51
DOMESTIC BANK DEPOSITS / GDP (IFS)
(IFS)
1.12 PERCENT MARKET CAPITALIZATION OF TOP 3.93
PRIVATE CREDIT / GDP (IFS)
3 BANK ASSET CONCENTRATION (FITCH 1.30 PERCENT VALUE TRADED OF TOP 10 TRADED 7.11
CONNECT) COMPANIES (WFE)
COST TO INCOME RATIO (FITCH CONNECT) 1.59 NO OF LISTED COMPANIES (WFE) 3.76
0.07 STOCK MARKET CAPITALIZATION / GDP (WFE) 1.62
NET INTEREST MARGIN (FITCH CONNECT)
NON-INTEREST INCOME / TOTAL INCOME 0.45 STOCK MARKET TURNOVER RATIO (WFE) 0.45
(FITCH CONNECT)
OVERHEAD COSTS / TOTAL ASSETS (FITCH 0.08 GROSS PORTFOLIO EQUITY & INVESTMENT 0.15
CONNECT) SHARES ASSETS / GDP (IFS)
0.05 GROSS PORTFOLIO EQUITY & INVERSTMENT 0.16
RETURN ON ASSETS (FITCH CONNECT)
SHARES LIABILITIES / GDP (IFS)
RETURN ON EQUITY (FITCH CONNECT) 0.37 INSURANCE PREMIUMS (LIFE) / GDP (AXCO) 0.02
CREDIT TO GOVERNMENT AND SOES / GDP 0.37 INSURANCE PREMIUMS (NON-LIFE) / GDP 0.03
(IFS) (AXCO)
LENDING-DEPOSIT SPREAD (IFS) 0.44 INSURANCE COMPANY ASSETS / GDP (NBFI) 0.11
PRIVATE CREDIT TO DEPOSITS (IFS) 2.37 MUTUAL FUND ASSETS / GDP (NBFI) 0.48
CONSOLIDATED FOREIGN CLAIMS OF BIS- 0.50 PENSION FUND ASSETS / GDP (NBFI) 1.20
LIQUID ASSETS / DEPOSITS & SHORT TERM 22.91 GLOBAL LEASING VOLUME / GDP (WHC) 0.17
0.33 TOTAL FACTORING VOLUME / GDP (FCI) 0.05
BANK CAPITAL TO ASSETS (FSI)
0.63 PERCENT OF ADULTS WITH AN ACCOUNT AT 6.76
NPLS TO TOTAL GROSS LOANS (FSI)
A FORMAL INSTITUTION (GF)
PROVISIONS TO NPLS (FSI) 2.11 TOTAL BOND ISSUANCE VOLUME / GDP (DEA) 0.15
REGULATORY CAPITAL TO RISK-WEIGHTED 0.12 TOTAL SYNDICATED LOANS ISSUED VOLUME / 0.10
ASSETS (FSI) GDP (DEA)
OUTSTANDING DOMESTIC PRIVATE DEBT 1.05 AVERAGE COST OF SENDING USD200 TO 0.60
SECURITIES / GDP (BIS) SELECTED COUNTRY (RPW)
First, for each indicator, we calculated absolute differences of the annual statistical benchmarks between FinStats 2018 and 2019
for each country. Second, we calculated the average annual absolute difference for each country. Third, we computed the median
of the average annual absolute difference of all countries which is reported in the table. “-” is reported for indicators that have been
obtained from a different source from the previous year or have big change in data collection or calculation methodology.
56

FinStats 2019 User Guide and Benchmarking Methodology 1

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FinStats 2019: A ready-to-use tool to benchmark

financial sectors across countries and over time

User Guide and Benchmarking Methodology

User Guide and Benchmarking Methodology

January 2019 (Version 1.0)

Finance and Markets Global Practice

Corresponding author: Erik Feyen (efeijen@worldbank.org).

1. FINSTATS 2018 VS. 2019: WHAT HAS CHANGED? .................................................................. 5

2.1. Introducing the FinStats tool

FinStats has three components:

• A financial indicator database — An annually updated database of 46 existing financial

2.3. Sources and calculations used for FinStats indicators

Exhibit 3.1 – How to enable macros in Excel

2. Opening the file. Open the FinStats

Note: The application only works in

3. Security Warning. If prompted by

The Security Warning appears directly

Note: This step is not optional. Macros

5. If you did not get a security warning

Ensure that your Macro Settings are set

1. Select the chart or table in the FinStats Dashboard.

3.3. The Selection page

3.3.1. Basic use of the Selection page

2. Select one or two financial development indicators.

First select the

Select one the 40 core

The program proposes five

3. Select peer countries for comparison.

a. Select suggested peer countries.

b. Select your own peer countries.

3.3.3. Details behind the peer group selection algorithm

∆𝑖𝑖𝑖𝑖 = 𝑤𝑤𝐺𝐺𝐺𝐺𝐺𝐺𝐺𝐺𝐺𝐺 |PR(GDPPC𝑖𝑖 )- PR(GDPPC𝑗𝑗 )| + (1 − 𝑤𝑤𝐺𝐺𝐺𝐺𝐺𝐺𝐺𝐺𝐺𝐺 )|PR(POP𝑖𝑖 )- PR(POP𝑗𝑗 )|, j∈𝑃𝑃𝑖𝑖 ,

3.4. The at-a-glance table and charts pages

Statistical median Peers selected on

• Regional benchmarks — regional average and median

Exhibit 3.6 – The benchmark options

Table with data for all

3.6. Using the statistical benchmarks: some country examples

3.6.1. Interpreting the expected median benchmark

3.6.2. Interpreting the expected 25th and 75th percentile benchmarks

3.7. The Metadata page

3.8. The Indicators description page

• what the indicator measures

4. The Statistical Benchmarking Methodology 4

4.1. Main advantages and potential caveats of statistical benchmarking

• Avoiding comparisons of “apples with oranges” — By controlling for the level of

The main caveats are as follows:

4.2. Why is statistical benchmarking useful?

Indeed, drawing conclusions about performance based on comparisons of financial indicators

Exhibit 4.1 – Structural factors should be accounted for in benchmarking

4.3. Structural factors in the statistical benchmarking methodology

Exhibit 4.3 – Description of the factors and their sources

Indicator Description Source

A set of dummies for each year in the

4.4. Key assumptions to interpret deviations from the benchmark as policy

Box 1: A simple canonical benchmarking model

5.1. Why use quantile regressions instead of ordinary least squares?

5.2. How did the factor selection process work?

5.5. How does FinStats handle missing data?

a. For missing factor observations (independent variables):

b. For missing financial indicator observations (dependent variables):

Exhibit 6.1 – Summary overview of FinStats indicators by sector and dimension

Domestic debt amount: governments /