# **<u>Table 2: Raw correlations between institutional indicators</u>**

||Log private<br>credit to<br>GDP|Log total<br>private<br>credit to<br>GDP|Log<br>deposits to<br>GDP|Log total<br>bank assets<br>to GDP|<br>Log net-<br>interest<br>margin|Log interest<br>spread|<br>Log bank<br>overhead to<br>total assets|<br>Log ATMs<br>per 100,000<br>people|<br>Log<br>deposits p<br>1,000<br>people|er<br>Log number<br>of bank<br>branches<br>per 100,000<br>people|<br> <br>Log assets<br>of mutual<br>funds|Log assets<br>of insurance<br>companies|<br>Log assets of<br>pension<br>funds|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|**Log private credit to GDP**|1.00|||||||||||||
|**Log total private credit to GDP**|0.97|1.00||||||||||||
|**Log deposits to GDP**|0.85|0.84|1.00|||||||||||
|**Log total bank assets to GDP**|0.94|0.92|0.89|1.00||||||||||
|**Log net-interest margin**|-0.68|-0.67|-0.71|-0.69|1.00|||||||||
|**Log interest spread**|-0.64|-0.64|-0.57|-0.64|0.68|1.00||||||||
|**Log bank overhead to total assets**|-0.55|-0.55|-0.61|-0.58|0.77|0.55|1.00|||||||
|**Log ATMs per 100,000 people**|0.71|0.72|0.59|0.71|-0.47|-0.44|-0.21|1.00||||||
|**Log deposits per 1,000 people**|0.68|0.68|0.60|0.65|-0.57|-0.41|-0.35|0.75|1.00|||||
|**Log bank branches per 100,000 people**|0.74|0.73|0.61|0.72|-0.54|-0.43|-0.21|0.78|0.78|1.00||||
|**Log assets of mutual funds**|0.69|0.71|0.70|0.71|-0.64|-0.43|-0.46|0.67|0.60|0.69|1.00|||
|**Log assets of insurance companies**|0.75|0.75|0.73|0.77|-0.61|-0.52|-0.34|0.63|0.57|0.63|0.78|1.00||
|**Log assets of pension funds**|0.51|0.54|0.40|0.47|-0.31|-0.33|-0.18|0.37|0.19|0.31|0.35|0.47|1.00|
|**Log assets of institutional investors**|0.78|0.79|0.76|0.77|-0.65|-0.48|-0.45|0.65|0.53|0.64|0.84|0.84|0.70|

# **Table 3: Raw correlations between market indicators**

||Log stock marke<br>capitalization to<br>GDP|t<br>Log stock mark<br>value traded|et<br>Log listed firms<br>per mln.<br>inhabitants|Log market cap.<br>of 10 largest<br>firms|<br>Log of closely<br>held shares|Log total public<br>offerings to GDP|<br>Log stock price<br>synchronicity|Log stock mark<br>turnover|et<br>Log private<br>bonds to GDP|Log private<br>bonds turnove|r<br>Log new private<br>bonds to GDP|Log public b<br>to GDP|onds<br>Log public bonds<br>turnover to GDP|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|**Log stock market capitalization to GDP**|1.00|||||||||||||
|<br>**Log stock market value traded**|**0.78**|1.00||||||||||||
|<br>**Log listed firms per mln. inhabitants**|**0.50**|**0.40**|1.00|||||||||||
|<br>**Log market cap. of 10 largest firms**|**-0.15**|**-0.25**|**-0.14**|1.00||||||||||
|**Log of closely held shares**|**-0.44**|**-0.49**|**-0.45**|**0.28**|1.00|||||||||
|<br>**Log total public offerings to GDP**|**0.37**|**0.13**|**0.35**|-0.04|**-0.14**|1.00||||||||
|<br>**Log stock price synchronicity**|0.09|**0.22**|**-0.19**|**-0.13**|**0.33**|**-0.17**|1.00|||||||
|**Log stock market turnover**|**0.30**|**0.83**|**0.16**|**-0.25**|**-0.15**|-0.09|**0.24**|1.00||||||
|<br>**Log private bonds to GDP**|**0.47**|**0.46**|**0.53**|**-0.34**|**-0.41**|0.02|**-0.17**|**0.25**|1.00|||||
|**Log private bonds turnover**|-0.18|0.15|-0.13|0.07|0.09|-0.26|0.16|**0.33**|-0.21|1.00||||
|<br>**Log new private bonds to GDP**|**0.28**|-0.01|**0.30**|0.17|**-0.31**|**0.46**|**-0.31**|**-0.21**|0.15|-0.27|1.00|||
|<br>**Log public bonds to GDP**|**0.29**|**0.19**|**0.27**|-0.12|**-0.25**|-0.05|0.01|0.05|**0.41**|-0.05|0.11|1.00||
|**Log public bonds turnover to GDP**|-0.05|0.18|0.00|-0.19|**-0.34**|-0.25|**0.32**|**0.34**|0.21|**0.44**|0.25|0.06|1.00|

## **5-percent significance levels in bold**

15