Financial Development Report 2008

Published 9 September 2008

The World Economic Forum has launched the first Financial Development Report, a comprehensive analysis of financial systems and capital markets in 52 countries that explores key drivers of financial system development and economic growth in developing and developed countries. The report serves as a tool by which countries can benchmark themselves and establish priorities for financial system improvement.

Read the press release

The United States and the United Kingdom came out on top as the Index looks beyond these countries’ current financial turmoil to discern fundamental strengths in their broader financial systems. The breadth of measures captured in the Index validate the collective strength of financial intermediaries in both countries, including banks, investment banks, insurance companies, as well as robust equity, bond and derivatives markets.  Other countries in the Top 10 include Germany, Japan, Canada, France, Switzerland, Hong Kong SAR, Netherlands and Singapore.

An important and unique measure captured by the Index includes the degree to which businesses feel they can easily access capital - a measure which, interestingly, does not always correspond to the total size and depth of financial assets in the countries included in the Index.

Point of view

“The Financial Development Index captures measures of financial stability related to financial turmoil in the US, UK and other countries. The Index puts these measures in the context of a broader assessment of financial development which we hope will promote a balanced agenda with respect to reform.”   James Bilodeau, Project Manager, Financial Institutions Community