GLOBAL financial DEVELOPMENT REPORT 2013
c o n t e n t s vii
4.5 Macroeconomic Evidence on the Impact of Government Banks on Credit and Output Cycles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 4.6
Two Views on the Role of State-Owned Banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . 116
4.7
Development Banks: What Do We Know? What Do We Need to Know?. . . . . . . . 120
5.1
Argentina: Using Credit Registry Information for Prudential Supervision. . . . . . . . 138
5.2 Egypt: Removing Regulatory Barriers to the Development of a Private Credit Bureau . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 5.3
Monopoly Rents, Bank Concentration, and Private Credit Reporting. . . . . . . . . . . 141
5.4 Mexico: State Interventions to Prevent Market Fragmentation and Closed User Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143 5.5
Morocco: Public Support for the Development of a Private Credit Bureau. . . . . . . 145
5.6
Reforming Large-Value Payment Systems to Mitigate Systemic Risk. . . . . . . . . . . . 151
5.7
Italy: Reviving Interbank Money Markets through Collateralized Transactions. . . 156
FIGURES O.1
Benchmarking Financial Development, 2008–10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
O.2
Selected Features That Distinguish Crisis-Hit Countries. . . . . . . . . . . . . . . . . . . . . . . 9
O.3
Market Power and Systemic Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
O.4
Change in Bank Lending Associated with a 1% Increase in GDP Per Capita . . . . . . 12
O.5
Credit Reporting vs. Banking System Concentration. . . . . . . . . . . . . . . . . . . . . . . . . 14
1.1
Financial Depth and Income Inequality. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
1.2 Socioeconomic Development, Financial Development, and Enabling Environment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 1.3
Correlations between Characteristics in Same Category (example). . . . . . . . . . . . . . 25
1.4
Correlations among Financial System Characteristics. . . . . . . . . . . . . . . . . . . . . . . . 31
1.5
Financial System Characteristics, by Income Group, 2010 . . . . . . . . . . . . . . . . . . . . 34
1.6
The Uneven Nature of Financial Systems (Illustration). . . . . . . . . . . . . . . . . . . . . . . 35
1.7
Financial Systems: 2008–10 versus 2000–07 (Financial Institutions). . . . . . . . . . . . . 36
1.8
Financial Systems: 2008–10 versus 2000–07 (Financial Markets). . . . . . . . . . . . . . . 37
B1.3.1 The Chinese Financial Sector. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 B1.4.1 Romania’s Financial Sector. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40