Global Financial Development Database (GFDD)
The Global Financial Development Database is an extensive dataset of financial system characteristics for 203 economies. It contains annual data, starting from 1960. It has been last updated in November 2013 and contains data through 2011 for 105 indicators, capturing various aspects of financial institutions and marketsfor 105 indicators, capturing various aspects of financial institutions and markets.
The Global Financial Development Database is based on a “4x2 framework”. Specifically, it includes measures of (1) depth, (2) access, (3) efficiency, and (4) stability of financial systems. Each of these characteristics captures both (1) financial institutions (banks, insurance companies, and so on), and (2) financial markets (such as stock markets and bond markets). It also provides other useful indicators, such as measures of concentration and competition in the banking sector. The database builds on, updates, and extends previous efforts, in particular the data collected for the Database on Financial Development and Structure.
For more on the Global Financial Development Database, the 4x2 framework, and the underlying theoretical and empirical literature, see chapter 1 of the 2013 Global Financial Development Report, and also Cihák, Martin, Asli Demirgüç-Kunt, Erik Feyen, and Ross Levine. 2012 . “Benchmarking Financial Systems around the World .” Policy Research Working Paper 6175, World Bank, Washington, DC. (A version of the paper appeared in Journal of Financial Perspectives.)
Latest Version of the Dataset
Relative to its April 2013 version, the November 2013 version of the GFDD adds 37 new indicators. In line with the financial inclusion theme of the 2014 Global Financial Development Report, 30 of the 37 newly introduced indicators are various measures of access to financial institutions and markets. These newly added indicators include investments financed by equity or stock sales (%), depositing/withdrawing at least once in a month (% age 15+), electronic payments used to make payments (% age 15+), ATMs per 100,000 adults, firms with a checking or savings account (%), loans requiring collateral (%), firms identifying access to finance as a major constraint (%), and firms whose recent loan application was rejected (%). The recent version also improves the quality of the database by fixing errors in the calculation procedures, checking some series for irregularities, and employing the latest available data from Bankscope, Bank for International Settlements, IMF’s International Financial Statistics and Financial Soundness Indicators Database.