The Financial Development Report 2009
The world's largest economies took the biggest hit in the World Economic Forum's second annual Financial Development Report. Global financial centres still lead in the report's Index, but the effects of financial instability have pulled down their scores compared to last year.
The United Kingdom, buoyed by the relative strength of its banking and non-banking financial activities, claimed the Index's top spot from the US, which slipped to third position behind Australia largely due to poorer financial stability scores and a weakened banking sector. The report ranks 55 of the world's leading financial systems and capital markets. It analyses the drivers of financial system development and economic growth in developed and developing countries to serve as a tool for countries to benchmark themselves and establish priorities for reform. The rankings are based on over 120 variables spanning institutional and business environments, financial stability, and size and depth of capital markets, among other factors.