countries than the number of bank deposits but are more transactions-oriented, may be more influenced by technological changes, and do not capture alternative forms of distribution such as correspondent banking, retail store cards, or internet-based services. On the other hand, an important potential drawback of the bank deposits indicators is its inability to discriminate between existing customers with multiple accounts and new customers. In any event, coverage in all three cases is currently limited to a single observation.<sup>20</sup>

**<u>Table 1: Descriptive Statistics</u>**

|**Sector**|**Dimension**|**Definition**|**Source**|**Countries**|**Average number**<br>**of obs. per**<br>**country**|
|---|---|---|---|---|---|
|**_Banks_**|**SIZE**|Private Credit by Deposit Money Banks to GDP<br>Private Credit by Deposit Money Banks and Other<br>Financial Institutions to GDP|Beck 2000 (IFS)<br> <br>Beck 2000 (IFS)|160<br>160|31<br>31|
|||Bank Deposits to GDP|Beck 2000 (IFS)|160|31|
|||Bank Domestic Assets to GDP|Beck 2000(IFS)|160|31|
||**EFFICIENCY**|(Interest Income – Interest Expense) / Earning<br>Assets|Beck 2000 (BankScope)|160|12|
|||Lending minus deposit rate|IFS|152|6|
|||Overhead Costs to Total Assets|Beck 2000(BankScope)|161|13|
||**REACH**|Synthetic Access Percentage|Honohan (2006)|162|1|
|||ATMs per 100,000 People|Beck 2007 (Custom Survey)|89|1|
|||Deposits per 1,000 People|Beck 2007 (Custom Survey)|54|1|
|||Branchesper 100,000 People|Beck 2007(Custom Survey)|98|1|
|**_Capital_**|**SIZE**|Stock Market Capitalization to GDP|Beck 2000 (EMDB, IFS)|114|16|
|<br>**_Market_**||<br>Stock Market Value Traded to GDP|<br>Beck 2000 (EMDB, IFS)|113|16|
|||Value of Public Offerings to GDP|WFE, IFS|47|6|
|||Stock Return Synchronicity|FSDI(Datastream,EMDB)|61|5|
||**EFFICIENCY**|Stock Market Turnover Ratio|Beck 2000(EMDB,IFS)|112|16|
||**REACH**|Share Market Capitalization in Top 10 Firms|FSDI (Datastream, EMDB)|76|5|
|||<br>Percentage of Closely Held Shares|FSDI (Worldscope, EMDB)|49|6|
|||Number of Listed Firms|WDI|122|14|
|**_Bond_**|**SIZE**|Private Bond Market to GDP|Beck 2000 (BIS, IFS)|42|15|
|<br>**_Market_**||Public Bond Market Capitalization to GDP|Beck 2000 (BIS, IFS)|49|15|
|||<br>Value of New Domestic Private Bonds to GDP|<br>WFE,IFS|43|5|
||**EFFICIENCY**|Private Domestic Bond Market Turnover Ratio|WFE, IFS|32|2|
|||Public Domestic Bond Market Turnover Ratio|WFE,IFS|31|2|
|**_Institutional_**|<br>**SIZE**|Pension Fund Assets to GDP|AIOS, ECB, FIAP, FSAP,<br>|79|4|
|**_Investors_**|||OECD, WB Report, Various<br>Central Bank Websites|||
|||Insurance Companies Assets to GDP|ASSAL, Axco, ECB, FSAP,<br>OECD, Various Central Bank<br>Websites|97|4|
|||Mutual Fund Assets to GDP|ECB, FSAP, ICI, Various<br>Central Bank Websites|61|8|
|||Total Institutional Investors Assets to GDP|<br>AIOS, ASSAL, Axco, ECB,<br>FIAP, FSAP, ICI, OECD, WB<br>Report, Various Central Bank<br>Websites|104|3|

> 20 What is available was only recently obtained by the World Bank’s Research Department through a onetime survey (Beck, Demirguc-Kunt and Martinez Peria, 2007). An important effort is currently underway to improve the database on access to finance (see Barr, Kumar and Litan, 2007).

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