Summary of Introducing a New Broad-Based Index of Financial Development

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Introducing a New Broad-Based Index of Financial Development summary
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Data drive modern economics, but one of the biggest missing data sets involves aspects of a country’s financial development. Until now, only rough approximations served to explain how finance influences growth and prosperity. Economist Katsiaryna Svirydzenka attempts to fill this gap by introducing a series of indices capturing different measures of financial markets and institutions. getAbstract recommends this thoughtful and groundbreaking addition to the research on financial development and growth to economists and analysts.

About the Author

Katsiaryna Svirydzenka is an economist at the International Monetary Fund.



While there is a great deal of interest in financial development and its relationship to economic growth, stability and inequality, researchers have traditionally had to use statistics on private credit and stock market capitalization as proxies in their calculations. Though both measures offer evidence of financial activity, they fail to reflect the broad range of financial services offered not just by banks and brokerages but also by insurance companies, investment funds, venture capital firms, pension funds, and more. Plus, stock market capitalization doesn’t necessarily reflect liquidity...

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