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GFDR 2014: Abbreviations and Glossary


Abbreviations and Glossary

GDP gross domestic product
IFC International Finance Corporation
MFI microfinance institution
SME small and medium enterprises
Note: All dollar amounts are U.S. dollars ($) unless otherwise indicated.


Country A territorial entity for which statistical data are maintained and provided internationally on a separate, independent basis (not necessarily a state as understood by international law and practice).
Financial development Conceptually, financial development is a process of reducing the costsof acquiring information, enforcing contracts, and making transactions. Empirically, measuring financial development directly is challenging. This report focuses on measuring four characteristics (depth, access, efficiency, and stability) for financial institutions and markets(“4x2 framework”).
Financial inclusion The share of individuals and firms that use financial services.
Financial services The financial system in a country is defined to include financial institutions (banks, insurance companies, and other nonbank financial institutions) and financial markets (such as those in stocks, bonds, and financial derivatives). It also encompasses the financial infrastructure for example, credit information sharing systems and payments and settlement systems).
Formal financial institution A commercial bank, insurance company, or any other financial instiinstitutiontution that is regulated by the state.
State The country’s government as well as autonomous or semi-autonomous agencies such as a central bank or a financial supervision agency.
Unbanked A person who does not use or does not have access to commercial banking services.

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