WPS3856 COPYRIGHT PAGE: 3856, 2006 (). : http://go.worldbank.org/T5S41YUVO0 Creating an Efficient Financial System: Challenges in a Global Economy By Thorsten Beck World Bank Policy Research Working Paper, No. 3856, February 2006 (Washington). Available via the internet: http://go.worldbank.org/T5S41YUVO0 Creating an Efficient Financial System: Challenges in a Global Economy Copyright © 2006 by The International Bank for Reconstruction and Development/The World Bank : : Creating an Efficient Financial System: Challenges in a Global Economy. , . - . , , , () , . , . , , , , , . Disclaimer: This work was originally published by The World Bank in English as Creating an Efficient Financial System: Challenges in a Global Economy. This Russian translation was arranged by the International Monetary Fund. The International Monetary Fund is responsible for the quality of the translation. In case of any discrepancies, the original language will govern. The findings, interpretations, and conclusions expressed herein are those of the author(s) and do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgement on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. WPS3856 Creating an Efficient Financial System: Challenges in a Global Economy Thorsten Beck : . , : - . : ; , . , , , , . 3856, 2006 . , . , . , , , . , , . - : http://econ.worldbank.org. * . , 2005 . , - - . 2 1. «», . ; ; ; ; (Levine, 1997 2005). , , , . 2003 173 2 .1 , 40 , , , . 1000 , 1000 800 (Beck, Demirguc-Kunt and Martinez Peria, 2005). (.. ) 2-4 , 30 (Laeven and Majnoni, 2005). , .. , , .2 . 1 , , 1980-2003 . , , - , , . . 1 , , , 2 , (Levine, Loayza and Beck, 2000; Beck and Levine, 2004). -, (. Levine, 2005, ). , (Beck, Levine and 1 . 2 , , . 3 Loayza, 2000). , (Demirguc-Kunt and Maksimovic, 1998; Rajan and Zingales, 1998), , (Beck, Demirguc-Kunt and Maksimovic, 2005; Beck, Demirguc-Kunt, Laeven and Levine, 2004). (Love, 2003 and Wurgler, 2000). (Beck, Lundberg and Majnoni, 2006; Aghion, Banerjee and Manova, 2005; Raddatz, 2006). -- , , , , (Beck, 2002, 2003). , , -- , , , (Beck, Demirguc-Kunt and Levine, 2004, Honohan, 2004). . 2 : 1980- 1990- , , . , , . . 1 2 , . , ! , , - , , , 30 (Demirguc-Kunt and Detragiache, 1999; Caprio and Klingebiel, 1997).3 , - - , . , , (Beck and Levine, 2002; Demirguc-Kunt and Maksimovic, 2002; Levine, 2002). , (.., -- ) -- (Boyd and Smith, 1998; Demirguc-Kunt and Levine, 2001). , , , , . , , 3. Demirguc-Kunt and Detragiache (2005), . . Loayza and Ranciere (2005) Ranciere, Tornell and Westerman (2005), . 4 , , . , . , , -- - . , ? 3 : ; ; , . , . 4 . 5 , , 6 . , , . , , , . , . , , , . 2. , . - .4 , , ; , . « » -- . «» . -, , , (, 4 , , , , , . . Beck and Levine (2005). 5 ), (, ) . -, «/» , .., , . , «» , .5 «» . «, » (Diamond, 1984); . , , , , . «», - , . 2.1. . , . , - , , , . , . , - . , (Boyd, Levine and Smith, 2001). . 3, 1980-2003 . , (Demirguc-Kunt and Detragiache, 2005). , , . 5. Levine (1997, 2005), «». 6 2.2. - , . , , , . , . -- , -- , , , . , , . , , , -- , , . «» « », .., , , , (Johnson et al., 2000). , . , . , . , . (La Porta et al., 1997; Levine, Loayza and Beck, 2000, Djankov, McLiesh and Shleifer, 2005). 1997-1998 , «» (Acemoglu et al., 2003). , , , (Djankov et al., 2003; Beck, Demirguc-Kunt and Levine, 2005). , , , (Demirguc-Kunt, Laeven and Levine, 2004; Laeven and Majnoni, 2005). . 4--6, (. 4), , , 7 (. 5) ( . 6).6 2.3. , , , , . , , . . , , , , , , , , . , . , « », . «» . , , . , , (Jappelli and Pagano, 2002; Love and Mylenko, 2003; Djankov, McLiesh and Shleifer, 2005; . Miller, 2003, ). . 7 . , , ; , , , . , , , . , 6 , , , (Johnson, McMillan and Woodruff, 2002, Claessens and Laeven, 2003; Cull and Xu, 2005). 8 . , , . , (Levine, Loayza and Beck, 2000, La Porta et al., 1997). , (Levine, 2003). , , - , , , , - . ; , , . 3. -. , - , , - , , . : ; ; , . 3.1. ( « ») . . , . . ; , , . . - . , , , . , 9 , , . . , , , . , «», .7 , . , -- -- , , . , « » , . , , , , , , . 3.2. , 1960- 1970- , .8 , , . , , -- . , , , . , , . . , , . , , . - , , , . 7. Levine (2005), . 8. Fry (1988). 10 : -, , , , ; -, . , , .9 , . , ; , «» , .. , , . , , , ; , , , (La Porta et al, 2002; Barth, Caprio and Levine, 2004). . 8, , 50 , . , , , , . , , . , . ; , , , (Cole, 2005; Dinc, 2005). (Barth, Caprio and Levine, 2004; Caprio and Martinez Peria, 2002). , : - , , , . , , . , (Caprio and Honohan, 2004). , . 30 , . , « » ( Clarke, Cull and Shirley 2005 ). , , 9 . Barth, Caprio and Levine (2006). 11 , . . , , « » , , . , -, - , . . , , . , , , . , , , , , , . «» (Fry, 1988). . , , « » . , , . . , . , , , - . , , , , , (Demirguc-Kunt and Detragiache, 2002; Demirguc-Kunt and Huizinga, 2004). , , ; , , «» (Cull, Senbet and Sorge, 2005). , 12 , . , , , . Beck, Demirguc-Kunt and Levine (2006a) , , , , - . , , , , , , -- , . 3.3. , ­ , , «». , ; , , , . , «» . , , . , . , , . , , - . : , . , . , , , (Claessens and Laeven, 2004; Beck, Demirguc-Kunt and Maksimovic, 2004, Demirguc-Kunt, Laeven, Levine, 2004; Beck, Demirguc-Kunt and Levine, 2006b). , , , . , , . , , , , « », . , , , , , « » . 13 . « » -- .. , , - -- , . «», «» . , , . , . , , , , , , (Barth, Caprio and Levine, 2004). , , (Caprio and Honohan, 2004). , , , , ; , , . , , , , , . , , . , , . La Porta, Lopez-de-Silanes and Shleifer (2006) ; , , , , , . , . , , , . , , . -- , , -- 14 . , . , , , (Beck and Laeven, 2006). , .., , , . 4. , , . , , , . , , . , . ; , , , , ? . , , . «», . . , , , , . , 1980- 1990- , . (Demirguc-Kunt and Detragiache, 1999). , , - . , 1980- 1990- . , . , « 15 , » ("Good-Bye Financial Repression, Hello Financial Crash" (Diaz Alejandro, 1985). , , , , , , . - , , . , , . , , , . , . . . , , . , , . , . , - , , , . , , . . , « » . , , «» «», , - . , 3.3, -- , . 5. , . , . 16 , , . , ; . : Clarke et al. (2003) Bekaert and Harvey (2003). , , , , , 80 .10 ; , , , , . , , , , . , , , (Claessens, Demirguc-Kunt and Huizinga, 2001). , , , , , , (Dages, Goldber and Kinney, 2000; Peek and Rosengren, 2000). , , . , (Clarke, Cull and Martinez Peria, 2001). (Giannetti and Ongena, 2005; Bonin and Imai, 2005). , , , (Mian, 2003). , , , , , (De Haas and Naaborg, 2005). , , , , , (Berger and Udell, 2006). , , , , , . 10 2001 , : Barth, Caprio and Levine (2006). 17 , . , - .11 . , . . . , . , , (Driessen and Laeven, 2005). . , , , , , , , , , (Bekaert and Harvey, 2003). , (Kaminsky and Schmukler, 2003), , , (Bekaert and Harvey, 2003). ( , ), , , , , . . , (ADRs) - , . , (Levine and Schmukler, 2005). , , , , , , (De la Torre, Gozzi Valdes and Schmukler, 2005). , 11. : Beck and Fuchs (2004). 18 , , , , . , , , , . , , , , , , . , , , , , . , , .12 , , (Garcia Herrero and Martinez Peria, 2005). (.. , , ) . , , , , , , . , , , (de la Torre and Schmukler, 2005; de Nicoló, Honohan and Ize, 2003). , , , , . , , , , . , , , , , , , - . , 12 . Forbes (2002), . 19 . , , , , , . , , , , , . , , , , , , . , , . 6. , . - , . . . , , , , , . , , . , , -- , , . , , . -, , . , . -, . , , , , . -, . , . , . , , , ; 20 , . , , . , , , , .13 , , , . 13. Haselmann, Pistor and Vig (2006), , , , , . 21 Acemoglu, D., Johnson, R., Robinson, J.A., and Thaicharoen, Y. 2003. "Institutional Causes, Macroeconomic Symptoms: Volatility, Crises and Growth." Journal of Monetary Economics 50,49-123. Aghion, P., Angeletos, G-M., Banerjee, A., and Manova, K. 2004. "Volatility and Growth: Credit Constraint and Productivity-Enhancing Investment." NBER Working Paper 11349. Barth, J., Caprio, G., and Levine, R. 2006. Rethinking Bank Regulation: Till Angels Govern. Cambridge University Press. Barth, J., Caprio, G., and Levine, R. 2004. "Bank Regulation and Supervision: What Works Best?" Journal of Financial Intermediation 13, 205-48. Beck, T. 2003. "Financial Dependence and International Trade." Review of International Economics 11, 296-316. Beck, T. 2002. "Financial Development and International Trade. Is There a Link?" Journal of International Economics 57, 107-31. Beck, T., Demirguc-Kunt, A., Laeven, L., and Levine, R. 2004. "Finance, Firm Size, and Growth." World Bank Policy Research Working Paper 3485. Beck, T; Demirguc-Kunt, A., and Levine, R. 2006a. "Bank Supervision and Corruption in Lending." Journal of Monetary Economics, forthcoming. Beck, T; Demirguc-Kunt, A., and Levine, R. 2006b. Bank Concentration and Crises: First Results." Journal of Banking and Finance, forthcoming. Beck, T., Demirguc-Kunt, A., and Levine, R. 2005. "Law and Firms' Access to Finance." American Law and Economics Review 7, 211-52. Beck, T., Demirguc-Kunt, A., and Levine, R. 2004. "Finance, Inequality and Poverty: Cross- Country Evidence." World Bank Policy Research Working Paper 3338. Beck, T., Demirguc-Kunt, A., and Maksimovic, V. 2005. "Financial and Legal Constraints to Firm Growth: Does Firm Size Matter?" Journal of Finance 60, 137-77. Beck, T., Demirguc-Kunt, A., and Maksimovic, V. 2004. "Bank Competition and Access to Finance: International Evidence." Journal of Money, Banking, and Credit 36, 627-48. Beck, T., Demirguc-Kunt, A., and Martinez Peria, M. 2005. "Reaching Out: Access to and Use of Banking Services Across Countries." World Bank Policy Research Working Paper 3754. Beck, T. and Fuchs, M. 2004. `Structural Issues in the Kenyan Financial System: Improving Competition and Access, World Bank Policy Research Working Paper 3363. Beck, T. and Laeven, L. 2006. Who Should Resolve Failing Banks? World Bank mimeo. Beck, T., and Levine, R. 2005. "Legal Institutions and Financial Development." In: Menard, C. and Shirley, M. (eds.), Handbook of New Institutional Economics. Kluwer Dordrecht. 22 Beck, T., and Levine, R. 2004. "Stock Markets, Banks and Growth: Panel Evidence." Journal of Banking and Finance 28, 423-42. Beck, T., and Levine, R. 2002. "Industry Growth and Capital Allocation: Does Having a Market- or Bank- Based System Matter?" Journal of Financial Economics 57, 107-31. Beck, T., Levine, R., and Loayza, N. 2000. "Finance and the Sources of Growth." Journal of Financial Economics 58, 261-300. Beck, T., Lundberg, M., and Majnoni, G. 2006. "Financial Intermediary Development and Growth Volatility: Do Intermediaries Dampen or Magnify Shocks." Journal of International Money and Finance, forthcoming. Bekaert, G., and Harvey, C. 2003. "Emerging Markets Finance." Journal of Empirical Finance 10, 3-56. Berger, A., and Udell, G.F. "A More Complete Conceptual Framework for Financing of Small and Medium Enterprises." Journal of Banking and Finance, forthcoming. Bonin, J., and Imai, M. 2005. "Soft Related Lending: A Tale of Two Korean Banks." Wesleyan University mimeo. Boyd, J.H., Levine, R., and Smith, B.D. 2001. "The Impact of Inflation on Financial Sector Performance." Journal of Monetary Economics 47, 221-48. Boyd, J.H., and Smith, B.D. 1998. "The Evolution of Debt and Equity Markets in Economic Development." Economic Theory 12, 519-60. Caprio, G., and Honohan, P. 2004. "Can the Unsophisticated Market Provide Discipline?" World Bank Policy Research Working Paper No. 3364. Caprio, G., and Klingebiel, D. 1997. Bank Insolvency: Bad Luck, Bad Policy, or Bad Banking?, in: Bruno, M. and Pleskovic, B. (Eds.): Annual Bank Conference on Development Economics 1996, The World Bank, 29-62. Caprio, G., and Martinez Peria, M. 2002. "Avoiding Disasters: Policies to Reduce the Risk of Banking Crises." In: Cardoso, E. and Galal, A. (eds.), Monetary Policy and Exchange Rate Regimes: Options for the Middle East. The Egyptian Center for Economic Studies, Cairo, Egypt. Claessens, S., Demirguc-Kunt, A., and Huizinga, H. 2001. "How Does Foreign Bank Entry Affect Domestic Banking Markets?" Journal of Banking and Finance 25, 891-911. Claessens, S., and Laeven, L. 2004. "What Drives Bank Competition? Some International Evidence." Journal of Money, Credit, and Banking 36, 563-82. Claessens, S. and Laeven, L. 2003. "Financial Development, Property Rights and Growth." Journal of Finance 58, 2401-36. Clarke, G., Cull, R., Martinez Peria, M., and Sanchez, S. 2003. Foreign Bank Entry: Experience, Implications for Developing Economies, and Agenda for Future Research." World Bank Research Observer 18, 25-59. 23 Clarke, G., Cull, R., and Martinez Peria, M. 2001. "Does Foreign Bank Penetration Reduce Access to Credit in Developing Countries: Evidence from Asking Borrowers." World Bank Policy Research Working Paper 2716. Clarke, G., Cull, R., and Shirley, M. 2005. "Bank Privatization in Developing Countries: A Summary of Lessons and Findings." Journal of Banking and Finance 29, 1905-30. Cole, S. 2005. "Fixing Market Failures or Fixing Elections? Elections, Banks, and Agricultural Lending in India." Harvard Business School mimeo. Cull, R., Senbet, L., and Sorge, M. 2005. "Deposit Insurance and Financial Development." Journal of Money, Credit and Banking 37, 43-82. Cull, R., and Xu, L. C. 2005. "Institutions, Ownership and Finance: The Determinants of Profit Reinvestment among Chinese Firms." Journal of Financial Economics 77, 117-46. Dages, G.B., Goldberg, L., and Kinney, D. 2000. "Foreign and Domestic Bank Participation in Emerging Markets: Lessons from Mexico and Argentina." Federal Reserve Bank of New York Economic Policy Review 6, 17-36. De Haas, R., and Naaborg, I. 2005. "Does Foreign Bank Entry Reduce Small Firms' Access to Credit: Evidence from European Transition Economies, Dutch National Bank Working Paper 50. De la Torre, A., Gozzi Valdez, J. C., and Schmukler, S. 2005 "Stock Market Development under Globalization: Whither the Gains from Reforms?" World Bank mimeo. De la Torre, A., and Schmukler, S. 2004. "Coping with Risks Through Mismatches: Domestic and International Financial Contracts for Emerging Economies." International Finance 7: 349-90. Demirguc-Kunt, A., and Detragiache, E. 2005. "Cross-Country Empirical Studies of Systemic Banking Distress: A Survey." In: Davis, P. (ed.), Financial Instability, Asset Prices and Credit. National Institute Economic Review, forthcoming. Demirguc-Kunt, A., and Detragiache, E. 2002. "Does Deposit Insurance Increase Banking System Stability? An Empirical Investigation." Journal of Monetary Economics 49:7, 1373-406. Demirguc-Kunt, A., and Detragiache, E. 1999. "Financial Liberalization and Financial Fragility." In: Pleskovic, B, and Stiglitz, J. (eds.), Proceedings of the World Bank Annual Conference on Development Economics. Washington, DC. Demirguc-Kunt, A., and Huizinga, H. 2004. "Market Discipline and Deposit Insurance." Journal of Monetary Economics 51, 375-99. Demirguc-Kunt, A., Laeven, L., and Levine, R. 2004. "Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation." Journal of Money, Credit, and Banking 36, 593-622. Demirguc-Kunt, A., and Levine, R. 2001. "Bank-Based and Market-Based Financial Systems: Cross- Country Comparisons." In: Demirguc-Kunt, A., and Levine, R. (eds.), Financial Structure and Economic Growth, MIT Press. 24 Demirguc-Kunt, A., and Maksimovic, V. 2002. "Funding Growth in Bank-Based and Market- Based Financial Systems: Evidence from Firm-Level Data." Journal of Financial Economics 65, 337-63. Demirguc-Kunt, A., and Maksimovic, V. 1998. "Law, Finance and Firm Growth." Journal of Finance 53, 2107-37. De Nicoló, G., Honohan, P. and Ize, A. 2003. "Dollarization of the Banking System: Good or Bad?" IMF Working paper 03/146. Diamond, D. 1984. "Financial Intermediation and Delegated Monitoring." Review of Economic Studies 51, 393-414. Diaz Alejandro, C. 1985. "Good Bye Financial Repression, Hello Financial Crash." Journal of Development Economics 19, 1-24. Dinc, S. 2005. Politicians and Banks. Political Influences on Government-Owned Banks in Emerging Countries, Journal of Financial Economics 77, 453-79. Djankov, S., McLiesh, C., and Shleifer, A. 2005. "Private Credit in 129 Countries." NBER Working Paper 11078. Djankov, S., La Porta, R., Lopez-de-Silanes, F., and Shleifer, A. 2003. "Courts: The Lex Mundi Project, Quarterly Journal of Economics 118, 453-517. Driessen, J., and Laeven, L. 2003. "International Portfolio Diversification Benefits: Cross- Country Evidence from a Local Perspective." World Bank mimeo. Forbes, K. 2003. "One Cost of the Chilean Capital Controls: Increased Financial Constraints for Smaller Traded Firms." NBER Working Paper 9777. Fry, M.J. 1988. Money, Interest, and Banking in Economic Development. John Hopkins University Press, Baltimore, MD. Garcia Herrero, A., and Martinez Peria, S. 2005. "The Mix of International Banks' Foreign Claims: Determinants and Implications." World Bank Policy Research Working Paper 3755. Giannetti, M., and Ongena, S. 2005. "Financial Integration and Entrepreneurial Activity: Evidence from Foreign Bank Entry in Emerging Markets." European Central Bank Working Paper 498. Haselmann, R., Pistor, K. and Vig, V., 2005, How Law Affects Lending?, Columbia Law and Economics Working Paper 285. Honohan, P. 2004. "Financial Development, Growth and Poverty: How Close are the Links." In: Goodhart, C. (ed.), Financial Development and Economic Growth: Explaining the Links. London: Palgrave. Johnson, S., La Porta, R., Lopez-de-Silanes, F., and Shleifer, A. 2000. "Tunneling." American Economic Review Papers and Proceedings, 22-27. Johnson, S., McMillan, J., and Woodruff, C. 2002. "Property Rights and Finance." American Economic Review 92, 1335-1356. Jappelli, T., and Pagano, M. 2002. "Information Sharing, Lending and Defaults: Cross-Country Evidence." Journal of Banking and Finance 26:10, 2017-45. 25 Kaminsky, G., and Schmukler, S., 2003, "Short-term pain, Long-term Gain: The Effect of Financial Liberalization", NBER Working Paper 9787. La Porta, R., Lopez-de-Silanes, F., and Shleifer, A 2006. "What Works in Securities Laws?" Journal of Finance, forthcoming. La Porta, R., Lopez-de-Silanes, F., and Shleifer, A. 2002. "Government Ownership of Commercial Banks." Journal of Finance 57, 265-301. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R.W. 1997. "Legal Determinants of External Finance." Journal of Finance 52, 1131-1150. Laeven, L and Majnoni, G. 2005. "Does Judicial Efficiency Lower the Cost of Credit?" Journal of Banking and Finance 29, 1791-812. Levine, R. 2005. "Finance and Growth: Theory and Evidence." In: Aghion, P and Durlauf, S. (eds.), Handbook of Economic Growth. Elsevier Science. The Netherlands. Levine, R. 2003. "Napoleon, Bourses, and Growth: With a Focus on Latin America." In: Azfar, O. and Cadwell, C.A. (eds.), Market-Augmenting Government: The Institutional Foundations for Prosperity. University of Michigan Press, Ann Arbor, MI. Levine, R. 2002. "Bank-Based or Market-Based Financial Systems: Which is Better?" Journal of Financial Intermediation 11, 1-30. Levine, R. 1997. "Financial Development and Economic Growth: Views and Agenda." Journal of Economic Literature 35, 688-726. Levine, R., Loayza, N. and Beck, T. 2000. "Financial Intermediation and Economic Growth: Causes and Causality." Journal of Monetary Economics 46, 31-77. Levine, R., and Schmukler, S. 2005. "Migration, Spillovers, and Trade Diversion: The Impact of Internationalization on Domestic Stock Market Activity." NBER Working Paper 9614. Loayza, N., and Ranciere R. 2005. "Financial Development, Financial Fragility, and Growth." World Bank Policy Research Working Paper 3431. Love, I. 2003. "Financial Development and Financing Constraints: International Evidence from the Structural Investment Model." Review of Financial Studies 16, 765-91. Love, I., and Mylenko, N. 2003. "Credit Reporting and Financing Constraints." World Bank Policy Research Working Paper 3142. Mian, A. 2003. "Foreign, Private Domestic, And Government Banks: New Evidence from Emerging Markets." University of Chicago mimeo. Miller, M. 2003. Credit Reporting Systems and the International Economy. MIT Press, Cambridge, Mass. Peek, J., and Rosengren, E.S. 2000. "Implications of the Globalization of the Banking Sector: The Latin American Experience." Federal Reserve Bank of Boston New England Economic Review, September-October, 45-62. 26 Raddatz, C. 2006. "Liquidity Needs and Vulnerability to Financial Underdevelopment." Journal of Financial Economics, forthcoming. Rajan, R., and Zingales, L. 1998. "Financial Dependence and Growth." American Economic Review 88, 559-587. Ranciere, R., Tornell, A., and Westerman, F. 2005. "Systemic Crises and Growth." NBER Working Paper 11076. World Bank 2005. Doing Business, Washington,. D.C.. Wurgler, J. 2000. "Financial Markets and the Allocation of Capital." Journal of Financial Economics 58, 187-214. 27 . 1. , , , , , . , / . , , (GDP per Capita Growth | X). , , : e(Private Credit | X ). e(GDP per Capita Growth | X) e(Private Credit | X). 1980-2003 . . 28 . 2. , . , / . , , (Growth of Headcount | X). , , : e(Private Credit | X ). e(Growth of Headcount | X) e(Private Credit | X). : Beck, Demirguc-Kunt and Levine (2004). 29 . 3. (Private Credit/GDP) . (Inflation) (1 + ). 1980-2003 . 30 . 4. (Private Credit/GDP) . 1980-2003 . (Creditor Rights Index) , ; 0 10, (World Bank, 2005). 31 . 5. (Private Credit/GDP) . 1980-2003 . , (Days to Enforce a Contract) , ( ) ; --, , (World Bank, 2005). 32 . 6. (Stock Market Capitalization / GDP) . 1980-2003 . (Investor Protection Index) , ; 0 10, ó (World Bank, 2005). 33 . 7. (Private Credit/GDP) . 1980-2003 . (Credit Information Index) , , , , ; 0 10, , , , (World Bank, 2005). 34 . 8. (Private Credit/GDP) . 1980-2003 . (Share of Government- Owned Banks) , 50 (Barth, Caprio and Levine, 2006). 1997 .