248 | The Financial Development Report 2012 Financial intermediation 2: Country/Economy Profiles 1 2 3 4 5 6 7 1 2 3 4 5 6 7 Factors, policies, and institutions 1 2 3 4 5 6 7 Financial access 1 2 3 4 5 6 7 INPUTS OUTPUTS Note: For further details and explanation, please refer to “How Read the Country/Economy Profiles.” Score (1—7 scale) 5.1 Key indicators Population (millions), 2011 .................................................................... 5.3 GDP (US$ billions), 2011 .................................................................. 259.8 GDP (current prices) per capita, 2011 .......................................... 49,270.9 GDP (PPP) as share (%) of world total, 2011....................................... 0.40 Compound annual growth rate of real GDP (%), 2007—2011 ............. 3.92 Financial assets by major type, 2010 24.0% Total/GDP 432.5% US$ bn Public debt securities ........ 235.6 Private debt securities ......... 82.0 Banking deposits............... 295.8 Equity securities ................ 370.1 Total 983.4 37.6% 30.1% 8.3% 7th pillar: Financial access.................................................................. 14 4.4 Commercial access ......................................................................... 2 5.4 Retail access ................................................................................. 31 3.5 4th pillar: Banking financial services .................................................. 10 4.8 Size index ........................................................................................ 9 4.4 Efficiency index ................................................................................ 6 6.3 Financial information disclosure...................................................... 32 2.6 5th pillar: Non-banking financial services .......................................... 12 3.4 IPO Activity ...................................................................................... 7 4.2 M&A Activity .................................................................................. 15 3.6 Insurance ....................................................................................... 11 3.8 Securitization ................................................................................. 20 2.2 6th pillar: Financial markets .................................................................. 3 5.1 Foreign exchange markets ............................................................... 4 6.2 Derivatives markets .......................................................................... 5 6.6 Equity market development.............................................................. 2 5.9 Bond market development............................................................. 25 2.6 1st pillar: Institutional environment ...................................................... 1 6.2 Financial sector liberalization .......................................................... 19 6.8 Corporate governance ..................................................................... 4 5.6 Legal and regulatory issues .............................................................. 1 6.2 Contract enforcement ...................................................................... 1 6.3 2nd pillar: Business environment.......................................................... 1 6.0 Human capital.................................................................................. 3 5.7 Taxes ............................................................................................... 7 6.0 Infrastructure.................................................................................. 13 5.8 Cost of doing business .................................................................... 1 6.7 3rd pillar: Financial stability .................................................................. 3 5.7 Currency stability ............................................................................. 2 6.3 Banking system stability ................................................................... 8 5.3 Risk of sovereign debt crisis........................................................... 21 5.4 Financial Development Index 2012 Rank (out of 62) 2012 Index .................................................................... 4 Singapore
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Singapore - World Economic Forum... 5.3 United Kingdom ... 149.5 Hong Kong SAR.....209.6 Singapore. 250 ... risk of sovereign debt crisis 3.12 Local currency sovereign rating ...
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248 | The Financial Development Report 2012
Financial intermediation
2: Country/Economy Profiles
1 2 3 4 5 6 7
1 2 3 4 5 6 7
Factors, policies, and institutions
1 2 3 4 5 6 7
Financial access
1 2 3 4 5 6 7
inputs
outputs
Note: For further details and explanation, please refer to “How Read the Country/Economy Profiles.”
Score (1—7 scale)
5.1
Key indicators
Population (millions), 2011 .................................................................... 5.3
GDP (US$ billions), 2011 .................................................................. 259.8
GDP (current prices) per capita, 2011 .......................................... 49,270.9
GDP (PPP) as share (%) of world total, 2011....................................... 0.40
Compound annual growth rate of real GDP (%), 2007—2011 ............. 3.92
1.04 Extent of incentive-based compensation ....................................... 2 ......n ..................5.3 United Kingdom ...................5.3
1.05 Efficacy of corporate boards .......................................................... 2 ......n ..................5.6 South Africa .........................5.8
1.06 Reliance on professional management......................................... 10 ......n ..................5.9 Finland .................................6.3
1.07 Willingness to delegate ............................................................... 17 ......n ..................4.6 Denmark ..............................6.2
1.08 Strength of auditing and reporting standards ................................. 3 ......n ..................6.1 South Africa .........................6.6
1.09 Ethical behavior of firms ................................................................. 2 ......n ..................6.4 Finland .................................6.5
1.10 Protection of minority shareholders’ interests ................................. 5 ......n ..................5.5 Finland .................................6.1
legal and regulatory issues
1.11 Burden of government regulation ................................................... 1 ......n ..................5.6 Singapore ............................5.6
1.12 Regulation of securities exchanges ................................................ 3 ......n ..................6.0 South Africa .........................6.5
1.13 Property rights .............................................................................. 3 ......n ..................6.4 Finland .................................6.5
1.14 Intellectual property protection ....................................................... 2 ......n ..................6.1 Finland .................................6.3
1.15 Diversion of public funds ................................................................ 3 ......n ..................6.2 Denmark ..............................6.3
1.16 Public trust in politicians ............................................................... 1 ......n ..................6.3 Singapore ............................6.3
1.17 Corruption perceptions index ......................................................... 4 ......n ..................9.2 Finland .................................9.4
1.18 Strength of legal rights index.......................................................... 1 ......n ................10.0 Multiple (6) .........................10.0
1.19 Central bank transparency ........................................................... 39 ......n ..................7.0 Sweden .............................15.0
1.23 Time to enforce a contract ............................................................. 1 ......n ..............150.0 Singapore ........................150.0
1.24 Number of procedures to enforce a contract ................................. 1 ......n ................21.0 Multiple (2) .........................21.0
1.25 Strength of investor protection index ............................................. 1 ......n ..................9.3 Singapore ............................9.3
2.01 Quality of management schools ..................................................... 6 ......n ..................5.7 United Kingdom ...................6.1
2.02 Quality of math and science education .......................................... 1 ......n ..................6.3 Singapore ............................6.3
2.03 Extent of staff training .................................................................... 3 ......n ..................5.3 Switzerland ..........................5.6
2.04 Local availability of specialized research and training services ...... 15 ......n ..................5.4 Switzerland ..........................6.4
2.10 Time to pay taxes .......................................................................... 7 ......n ................84.0 United Arab Emirates .........12.0
2.16 Mobile telephone subscriptions .................................................... 9 ......n ..............149.5 Hong Kong SAR ..............209.6
Singapore
250 | The Financial Development Report 2012
2: Country/Economy Profiles
Financial Development Index in detail (continued) n Development Advantage n Development Disadvantage
indicator rank/62 Value Best perFormer Value
2nd pillar: Business environment (continued)
cost of doing business
2.17 Cost of starting a business ............................................................ 6 ......n ..................0.7 Denmark ..............................0.0
2.19 Cost of closing a business ............................................................. 1 ......n ..................1.0 Multiple (4) ...........................1.0
2.20 Time to start a business ................................................................ 2 ......n ..................3.0 Australia...............................2.0
2.21 Time to register property................................................................ 6 ......n ..................5.0 Portugal ...............................1.0
2.22 Time to close a business ............................................................... 3 ......n ..................0.8 Ireland .................................0.4
3rd pillar: Financial stability
currency stability
3.01 Change in real effective exchange rate (REER) ............................. 20 ......n ..................1.3 Brazil ...................................8.3
3.02 External vulnerability indicator ..................................................... n/a ............................n/a Saudi Arabia ........................9.3
3.03 Current account balance to GDP ................................................... 2 ......n ................20.9 Kuwait ...............................32.0
3.05 External debt to GDP (developing economies) ............................ n/a ............................n/a China ...................................9.6
3.06 Net international investment position to GDP
(advanced economies) ................................................................... 2 ......n ..............219.6 Hong Kong SAR ..............287.7
Banking system stability
3.07 Frequency of banking crises .......................................................... 1 ......n ..................0.0 Multiple (9) ...........................0.0
4.01 Deposit money bank assets to GDP ............................................ 20 ......n ..............123.9 Ireland .............................245.1
4.02 Central bank assets to GDP ........................................................ 25 ......n ..................2.5 Brazil .................................18.3
4.03 Financial system deposits to GDP ............................................... 10 ......n ..............124.0 Hong Kong SAR ..............305.8
4.04 M2 to GDP .................................................................................. 10 ......n ..............130.2 Hong Kong SAR ..............320.5
4.05 Private credit to GDP ................................................................... 26 ......n ................99.0 Denmark ..........................229.8
4.06 Bank deposits to GDP ................................................................. 10 ......n ..............121.0 Hong Kong SAR ..............305.8
4.07 Money market instruments to GDP ................................................ 9 ......n ..................4.3 Ireland ...............................18.6
4.09 Bank overhead costs ................................................................... 15 ......n ..................1.2 Finland .................................0.6
4.10 Public ownership of banks ........................................................... 48 ......n ................27.8 Multiple (22) .........................0.0
4.11 Bank operating costs to assets ................................................... 11 ......n ..................1.1 Sweden ...............................0.8
4.12 Non-performing bank loans to total loans ...................................... 7 ......n ..................1.2 Finland .................................0.5
4.14 Public credit registry coverage .................................................... 26 ......n ..................0.0 Portugal .............................86.2
5th pillar: non-banking financial services
ipo activity
5.01 IPO market share ........................................................................ 15 ......n ..................1.7 China .................................37.8
5.02 IPO proceeds amount .................................................................. 3 ......n ..................1.4 Hong Kong SAR ..................5.1
5.03 Share of world IPOs ..................................................................... 13 ......n ..................1.8 China .................................30.2
Singapore
(continued)
The Financial Development Report 2012 | 251
2: Country/Economy Profiles
Financial Development Index in detail (continued) n Development Advantage n Development Disadvantage
5.04 M&A market share ...................................................................... 21 ......n ..................0.7 United States .....................34.4
5.05 M&A transaction value to GDP ...................................................... 4 ......n ..................7.9 Hong Kong SAR ..................9.9
5.06 Share of total number of M&A deals ............................................ 19 ......n ..................1.0 United States .....................23.3
insurance
5.07 Life insurance penetration ............................................................ 15 ......n ..................4.3 Ireland ...............................19.8
5.09 Real growth of direct insurance premiums ................................... 18 ......n ..................6.4 Argentina ...........................21.9
5.10 Life insurance density .................................................................. 40 ......n ..................0.2 India ..................................43.5
5.11 Non-life insurance density ............................................................ 48 ......n ..................0.2 China .................................16.1
5.12 Relative value added of insurance to GDP ..................................... 4 ......n ..................3.2 Bahrain ................................6.0
securitization
5.13 Securitization to GDP ................................................................ 14 ......n ..................0.8 United States .......................5.1
5.14 Share of total number of securitization deals ................................ 24 ......n ..................0.4 United States .....................53.6
6.10 Stock market capitalization to GDP ............................................... 4 ......n ..............165.0 Hong Kong SAR ..............440.2
6.11 Stock market value traded to GDP ................................................ 7 ......n ..............129.8 Hong Kong SAR ..............681.5
6.12 Number of listed companies per 10,000 people ............................ 3 ......n ..................0.9 Hong Kong SAR ..................2.0
Bond market development
6.13 Private domestic bond market capitalization to GDP .................... 31 ......n ..................8.9 Denmark ..........................177.2
6.14 Public domestic bond market capitalization to GDP ..................... 17 ......n ................40.5 Japan ..............................208.5
6.15 Private international bonds to GDP .............................................. 21 ......n ................23.8 Ireland .............................202.8
6.16 Public international bonds to GDP ............................................... 54 ......n ..................0.0 Greece ..............................70.8
6.17 Local currency corporate bond issuance to GDP ......................... 12 ......n ..................1.1 Malaysia ..............................4.9
7.02 Venture capital availability .............................................................. 3 ......n ..................4.4 Hong Kong SAR ..................4.5
7.03 Ease of access to credit ............................................................... 2 ......n ..................4.9 Hong Kong SAR ..................5.0
7.04 Financing through local equity market ............................................ 3 ......n ..................5.1 Hong Kong SAR ..................5.7
7.05 Ease of access to loans ................................................................. 2 ......n ..................4.7 Bahrain ................................4.8
7.06 Foreign direct investment to GDP .................................................. 2 ......n ................24.6 Hong Kong SAR ................34.2
retail access
7.07 Market penetration of bank accounts ............................................ 6 ......n ................98.2 Denmark ............................99.7
7.08 Commercial bank branches ........................................................ 38 ......n ................10.3 Portugal .............................75.9
7.09 Total number of ATMs .................................................................. 27 ......n ................58.6 Korea, Rep. .....................250.3
7.11 Loan accounts at MFIs ............................................................... n/a ............................n/a Peru ................................121.2
7.12 Loan from a financial institution .................................................... 28 ......n ................10.0 Finland ...............................23.9