Financial Development in 205 Economies, 1960 to 2010

The findings, interpretations, and conclusions in this paper are those of the authors and do not necessarily represent the views of the World Bank, its Executive Directors, or the countries they represent. The paper benefited from comments by Thorsten Beck, Sergio Schmuckler, Roberto Rocha, Stijn Claessens, Augusto de la Torre, Norman Loayza, and Tunc Uyanik and participants several seminars. Amin Mohseni, Mauricio Pinzon Latorre, and Subika Farazi provided research assistance. Katie Kibuuka, Diego Sourrouille, Ed Al-Hussainy, Haocong Ren, and Andrea Coppola helped with compiling parts of the dataset. All remaining errors are those of the authors. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.