Читать книгу The Emerging Markets Handbook - Pran Tiku - Страница 86

In order to measure the breadth, depth and efficiency of the capital markets of emerging countries the Financial Development Report 2012 published by the World Economic Forum has been used. The seven pillars defined below make up the overall index rankings:

1 Institutional Environment: encompasses financial sector liberalisation, corporate governance, legal and regulatory issues, and contract enforcement.

2 Business Environment: considers human capital, taxes, infrastructure, and costs of doing business.

3 Financial Stability: captures the risk of currency crises, systemic banking crises, and sovereign debt crises.

4 Banking Financial Services: measures size, efficiency, and financial information disclosure.

5  Non-Banking Financial Services: includes IPO and M&A activity, insurance and securitisation.

6 Financial Markets: encompasses foreign exchange and derivatives markets, and equity and bond market development.

7 Financial Access: evaluates commercial and retail access.