IMF paper seeks to capture complexity of financial development in new index
Six ‘subindices’ measure the depth, accessibility and efficiency of financial institutions and markets
Typical empirical studies of financial development do not take into account its "complex multidimensional nature", a working paper published by the International Monetary Fund has said, while presenting an alternate approach.
Introducing a New Broad-based Index of Financial Development, by Katsiaryna Svirydzenka, presents six ‘subindices' that measure how "deep, accessible and efficient" financial institutions and financial markets are.
These are then aggregated into two further indices – one
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