The Process of Financial Development : A Statistical View from the FSAP Program
This paper uses a simple statistical approach to exploit some of the wealth of information contained in FSAP reports. The authors classify and count FSAP recommendations along a logical grid that reflects the fabric of financial activity and the ways in which states organize their policies in support of financial development. With some caveats reflecting the inherent limitations of the exercise, this analysis provides a simple monitoring tool to help understand the nature and evolution of the FSAP program. At the same time, it throws light on the nuts and bolts of the process of financial development and its inter-linkages with economic development. While many of the findings conform well to what one would expect, others are more surprising and also potentially more useful for understanding the inner workings of financial development.
Summary: | This paper uses a simple statistical
approach to exploit some of the wealth of information
contained in FSAP reports. The authors classify and count
FSAP recommendations along a logical grid that reflects the
fabric of financial activity and the ways in which states
organize their policies in support of financial development.
With some caveats reflecting the inherent limitations of the
exercise, this analysis provides a simple monitoring tool to
help understand the nature and evolution of the FSAP
program. At the same time, it throws light on the nuts and
bolts of the process of financial development and its
inter-linkages with economic development. While many of the
findings conform well to what one would expect, others are
more surprising and also potentially more useful for
understanding the inner workings of financial development. |
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