Insider Monkey Global Financial Development Index

Published on May 9, 2024 at 9:21 am by Inan Dogan, PhD in News, We Disagree

Index Methodology

To create the Insider Monkey Global Financial Development Index, we aimed to focus on the overall size and development of countries’ domestic equity markets and domestic debt markets. For measuring the size of equity markets, we relied on country-wise total market capitalization of domestically listed companies. For measuring the size of debt markets, we first looked for standardized data for the dollar value of domestic debt markets.

We noticed how everyone else values debt markets based on International Debt Statistics from the Bank for International Settlements. This does not indicate the value of a country’s domestic bond market. Example: if a company from Country A comes to Country B and sells $1 billion of debt, that debt should count towards the size of the financial market of Country B, not Country A.

Due to limitations for standardized data on the exact dollar value of domestic bond markets, we decided to instead use the external debt position of countries as a proxy for the size and sophistication of the fixed-income markets in each country.

Therefore, our indicators were:

Indicator 1: Total market capitalization of domestically listed companies in each country.

Indicator 2: External debt position of each country.

To find data for indicator 1, we first used the stock market capitalization data of countries, as of March 2024, from the S&P Global BMI Index. To expand our list to account for missing countries, we used the World Bank database of Market Capitalization of Domestically Listed Companies. Then, we also looked up other sources on the web including the official websites of stock exchanges, media reports, CEIC Data, and the Sustainable Stock Exchanges website to include as many countries with missing or outdated data on the World Bank. We compiled a final list of 112 countries.

To find data for indicator 2, we initially sourced our data from the Gross External Debt Position database, as of December 2023. Then, we used data from the International Monetary Fund, Trading Economics, GlobalEconomy, and CEIC Data for missing countries in the database.

Finally, we ordered lists in descending order of both our indicators separately and calculated a given country’s rank on each indicator by dividing its position by the total number of countries for both metrics. Then, we averaged these scores to calculate the Insider Monkey Global Financial Development Index for each country. For countries with missing data for one of our indicators, as indicated by N/A, we ranked them by their individual indicator scores.

Please note that a lower index value represents a country with a bigger financial market since it ranked higher on both our indicators, i.e. had a bigger equity market and a larger debt position.

The table below presents 141 countries in ascending order of their Insider Monkey Global Financial Development Index values.

Rank	Countries	External Debt	Insider Monkey External Debt Score	Stock Market Capitalization	Insider Monkey Stock Market Score	Insider Monkey Global Financial Development Index
1	United States	25984649	0.008	54078877.2	0.008929	0.009
2	Japan	4456564	0.04	6652919.58	0.026786	0.034
3	United Kingdom	9643779	0.016	3171898.5	0.053571	0.035
4	France	7642550	0.024	3323439.12	0.044643	0.035
5	Germany	6750685	0.032	2296883.99	0.080357	0.057
6	China	2447537	0.096	11525922.58	0.017857	0.057
7	Canada	3130376	0.072	2669570.86	0.071429	0.072
8	Netherlands	3867710	0.048	1096161.2	0.133929	0.091
9	Switzerland	2282266	0.104	1967596.85	0.098214	0.102
10	India	648192	0.192	4434188.91	0.035714	0.114
11	Italy	2805349	0.08	956407.5	0.151786	0.116
12	Australia	1616561	0.128	1650034.55	0.116071	0.123
13	Spain	2673153	0.088	765365.72	0.178571	0.134
14	Korea	663631	0.176	1840026.29	0.107143	0.142
15	Sweden	1042834	0.144	972810	0.142857	0.144
16	Hong Kong	1838743	0.12	661125.8	0.1875	0.154
17	Brazil	732655	0.168	910975.91	0.160714	0.165
18	Saudi Arabia	299764	0.272	2878407	0.0625	0.168
19	Singapore	1997003	0.112	446127.35	0.232143	0.173
20	Ireland	3144324	0.064	245420.84	0.303571	0.184
21	Denmark	539647	0.216	796440.13	0.169643	0.193
22	Belgium	1530078	0.136	332055.19	0.267857	0.202
23	Norway	768871	0.16	341121.4	0.25	0.205
24	Mexico	593996	0.208	482714.87	0.223214	0.216
25	Taiwan	206499	0.344	2128320.51	0.089286	0.217
26	Indonesia	407107	0.248	578438.93	0.196429	0.223
27	United Arab Emirates	389250	0.256	551729.16	0.205357	0.231
28	Russia	316847	0.264	530104	0.214286	0.24
29	Finland	659798	0.184	244343.19	0.3125	0.249
30	Luxembourg	3787134	0.056	47020.35	0.446429	0.252
31	Turkey	499886	0.224	273876.16	0.294643	0.26
32	Austria	784074	0.152	120803.03	0.366071	0.26
33	Malaysia	270616	0.304	333057.83	0.258929	0.282
34	Poland	426901	0.24	171074	0.330357	0.286
35	Thailand	193212	0.368	420955.44	0.241071	0.305
36	Greece	610875	0.2	84656.9	0.410714	0.306
37	Qatar	290071	0.28	147381.78	0.357143	0.319
38	Portugal	441332	0.232	75563.06	0.419643	0.326
39	Chile	240968	0.312	117833.77	0.375	0.344
40	South Africa	158081	0.416	283821.96	0.285714	0.351
41	Israel	154696	0.424	301359.82	0.276786	0.351
42	New Zealand	223599	0.32	86878.28	0.401786	0.361
43	Argentina	285951	0.288	52940	0.4375	0.363
44	Vietnam	144858	0.432	170150	0.339286	0.386
45	Philippines	125394	0.456	183471.26	0.321429	0.389
46	Hungary	279808	0.296	26659.01	0.526786	0.412
47	Colombia	196360	0.352	42404.61	0.473214	0.413
48	Czechia	206570	0.336	30401.76	0.491071	0.414
49	Peru	94055	0.464	102707.02	0.383929	0.424
50	Kazakhstan	162697	0.4	46000	0.455357	0.428
51	Kuwait	57213	0.528	153000	0.348214	0.439
52	Romania	187942	0.384	28980	0.508929	0.447
53	Morocco	69169	0.488	53710	0.428571	0.459
54	Egypt	168034	0.392	20106.3	0.553571	0.473
55	Pakistan	131159	0.44	28710	0.517857	0.479
56	Iran	6282	0.84	1613000	0.125	0.483
57	Bahrain	88147	0.472	30260	0.5	0.486
58	Bangladesh	57630	0.52	42890	0.464286	0.493
59	Slovakia	130239	0.448	20106.3	0.553571	0.501
60	Nigeria	41595	0.608	91440	0.392857	0.501
61	Mauritius	194476	0.36	8560	0.669643	0.515
62	Croatia	70718	0.48	19330	0.5625	0.522
63	Cyprus	189725	0.376	6530	0.705357	0.541
64	Ecuador	60764	0.512	19230	0.571429	0.542
65	Oman	N/A	N/A	22270	0.544643	0.545
66	Malta	221852	0.328	4358	0.785714	0.557
67	Angola	50260	0.56	N/A	N/A	0.56
68	Jordan	41131	0.616	25430	0.535714	0.576
69	Kenya	46020	0.584	16110	0.589286	0.587
70	Slovenia	64024	0.496	8170	0.678571	0.588
71	Bulgaria	50182	0.568	15700	0.607143	0.588
72	Ukraine	161533	0.408	4420	0.776786	0.593
73	Sri Lanka	54832	0.536	10590	0.651786	0.594
74	Guatemala	N/A	N/A	16010	0.598214	0.598
75	Panama	N/A	N/A	15630	0.616071	0.616
76	Uzbekistan	60961	0.504	5190	0.741071	0.623
77	Iraq	N/A	N/A	14500	0.625	0.625
78	Dominican Republic	39837	0.632	N/A	N/A	0.632
79	Jamaica	N/A	N/A	13000	0.633929	0.634
80	Lithuania	54403	0.544	5460	0.732143	0.639
81	Slovakia	N/A	N/A	11400	0.642857	0.643
82	Lebanon	40419	0.624	10560	0.660714	0.643
83	Iceland	22509	0.704	17980	0.580357	0.643
84	Tunisia	42191	0.6	7750	0.6875	0.644
85	Mongolia	34570	0.664	N/A	N/A	0.664
86	Serbia	48859	0.576	4730	0.758929	0.668
87	Tanzania	32679	0.672	N/A	N/A	0.672
88	Estonia	37562	0.64	5570	0.723214	0.682
89	Georgia	24169	0.696	N/A	N/A	0.696
90	Cote d'Ivoire	N/A	N/A	7330	0.696429	0.696
91	Ghana	29185	0.688	6460	0.714286	0.702
92	Nicaragua	15256	0.736	N/A	N/A	0.736
93	El Salvador	22048	0.712	4690	0.767857	0.74
94	Uruguay	51905	0.552	655	0.928571	0.741
95	Botswana	147.18	1	31020	0.482143	0.742
96	Trinidad And Tobago	32515	0.68	3890	0.8125	0.747
97	Bahamas	N/A	N/A	5089	0.75	0.75
98	Bolivia	13408	0.752	N/A	N/A	0.752
99	Belarus	36875	0.656	2490	0.848214	0.753
100	Costa Rica	37499	0.648	2230	0.875	0.762
101	North Macedonia	12666	0.768	N/A	N/A	0.768
102	Latvia	42789	0.592	640	0.946429	0.77
103	Macedonia	11463	0.784	N/A	N/A	0.784
104	Albania	10922.18	0.792	N/A	N/A	0.792
105	Moldova	10466	0.8	N/A	N/A	0.8
106	Venezuela	N/A	N/A	3970	0.803571	0.804
107	Laos	10235	0.808	N/A	N/A	0.808
108	Zimbabwe	13325	0.76	2460	0.857143	0.809
109	Zambia	7925	0.832	4040	0.794643	0.814
110	Kyrgyz Republic	10114	0.816	N/A	N/A	0.816
111	Azerbaijan	15277	0.728	1470	0.910714	0.82
112	Montenegro	N/A	N/A	3880	0.821429	0.821
113	Honduras	11569	0.776	2080	0.892857	0.835
114	Barbados	N/A	N/A	2780	0.839286	0.839
115	Rwanda	6256	0.848	3440	0.830357	0.84
116	Armenia	15464	0.72	252	0.982143	0.852
117	Namibia	9368	0.824	2158	0.883929	0.854
118	Paraguay	14338.58	0.744	152	1	0.872
119	Congo	5659	0.872	N/A	N/A	0.872
120	Burkina Faso	5330	0.88	N/A	N/A	0.88
121	Seychelles	6219	0.856	1215	0.919643	0.888
122	Bosnia and Herzegovina	4869.304	0.888	N/A	N/A	0.888
123	Maldives	3740	0.92	2270	0.866071	0.894
124	Turkmenistan	4509.485	0.896	N/A	N/A	0.896
125	Papua New Guinea	N/A	N/A	1681	0.901786	0.902
126	Mauritania	4320	0.904	N/A	N/A	0.904
127	Kosovo	4244	0.912	N/A	N/A	0.912
128	Tajikistan	6170	0.864	286	0.964286	0.915
129	Bhutan	3213	0.928	N/A	N/A	0.928
130	West Bank and Gaza	1850	0.936	N/A	N/A	0.936
131	Cayman Islands	N/A	N/A	644	0.9375	0.938
132	Guyana	1627.367	0.944	N/A	N/A	0.944
133	Malawi	1622.94	0.952	N/A	N/A	0.952
134	Algeria	N/A	N/A	371	0.955357	0.955
135	Belize	1363	0.96	N/A	N/A	0.96
136	Liberia	1252	0.968	N/A	N/A	0.968
137	Nepal	N/A	N/A	262	0.973214	0.973
138	Lesotho	978.9	0.976	N/A	N/A	0.976
139	Eswatini	859.59	0.984	N/A	N/A	0.984
140	Bermuda	N/A	N/A	207	0.991071	0.991
141	Burundi	640.09	0.992	N/A	N/A	0.992

Note: Stock Market Capitalization and External Debt Data is represented in million USD.

Index Creator: This index is created by Inan Dogan, PhD. Inan Dogan has more than 20 years of experience researching and investing in the financial markets. Dr. Dogan is the co-founder and research director of Insider Monkey. He has a Ph.D. in financial economics from University at Buffalo and he has been doing quantitative stock research focusing on insider trading and hedge fund portfolio disclosures.

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Insider Monkey Global Financial Development Index

Published on May 9, 2024 at 9:21 am by Inan Dogan, PhD in News, We Disagree

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on October 30, 2024 at by Inan Dogan, PhD

A New Dawn is Coming to U.S. Stocks

Published on November 16, 2024 at by Insider Monkey Staff