Financial systems and development

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Table 30. Income distribution and ICP estimates of GDP Low-income economies China and India Other low-income ICP estimates of Percentage share of household income, by percentile groups of households GDP per capita, 1985 Lowest Second Third Fourth Highest Highest ((IS = 100) Year 20 percent quintile quintile quintile 20 percent 10 percent I Ethiopia 1.6.... .. 2 Bhutan . . . .. 3 Chad .. . 4 Zaire...... .. 5 Bangladesh .1981-82 6.6 10.7 15.3 22.1 45.3 29.5 6 Malawi 3.6 . .. 7 Nepal.... .. .. 8 Lao PDR . . . .. 9 Mozambique.... . 10 Tanzania 2.6 . .. I1I Burkina Faso... .... ... 12 Madagascar 3.9. .... .. ... 13 Mali 2.4 .. ... 14 Burundi . . . ... . 15 Zambia 4.7 1976 3.4 7.4 11.2 16.9 61.1 46.4 1 6 Niger .... ... 17 Uganda . . ... .. 1 8 China . . .. 1 9 Somalia . . .. 20 Togo . . . ... 21 India 4.7 1975-76 7.0 9.2 13.9 20.5 49.4 33.6 22 Rwanda 3.8 . .. 23 Sierra Leone 3.0 . ... . 24 Benin 6.5 . .. 25 Central African Rep. .. ... ... 26 Kenya 5.3 1976 2.6 6.3 11.5 19.2 60.4 45.8 27 Sudan .. .. .. 28 Pakistan . ... . . 30 Lesotho .. ..... 31 Nigeria 7.2 . ..... 32 Ghana . .. 33 SriLanka 11.7 1980-81 5.8 10.1 14.1 20.3 49.8 34.7 34 Yemen, PDR 35 Mauritania 36 Indonesia 1976 6.6 7.8 12.6 23.6 49.4 34.0 37 Liberia ... .... . 38 Afghanistan .... .... .. . 39 Burma... w . .. 40 Guinea .. .. .... 41 Kamnpuchea,Dem. .. .... 42 Viet Nam . . . .. Middle-income economies Lower-middle-income 43 Senegal 7.0 . .. ... 44 Bolivia . .. 45 Zimbabwe 9.9 46 Philippines . 1985 5.2 8.9 13.2 20.2 52.5 37.0 47 Yemen Arab Rep. . .. .. 48 Morocco 13.1 .. .. 49 Egypt, Arab Rep. 15.8 1974 5.8 10.7 14.7 20.8 48.0 33.2 50 Papua New Guinea .. . .. . 51 Dominican Rep. . . . 52 C6te d'lvoire 10.2 1985-86 2.4 6.2 10.9 19.1 61.~4 43.7 52 Honduras .. .. . 54 Nicaragua .. .. . 55 Thailand 17.0 1975-76 5.6 9.6 13.9 21.1 49.8 34.1 56 El Salvador . 1976-77 5.5 10.0 14.8 22.4 47.3 29.5 57 Congo, People's Rep. 16.4 .. .... ... 58 Jamaica . ... 59 Guatemala ..... 60 Cameroon 14.0 .. .... . 61 Paraguay . . . .. 62 Ecuador . . ... 63 Botswana 16.1 . .. .. 64 Tunisia 19.8 . .. . 65 Turkey 21.8 1973 3.5 8.0 12.5 19.5 56.5 40.7 66 Colombia .... . .... Note: For data comnparability and coverage, see the technical notes. Figures in italics ate for years other than those specified. 222
I'CP estimates of Percentage share of household income, byv percentile groups of households GDP per capita, 1985 Lowest Second Third Fourth Highest Highest 2 (US =1001 Year 20 percent quintile quintile quintile 0percent 10 percent 68 Peru .1972 1.9 5.1 11.0 21.0 61.0 42.9 69 Mauritius 24.8 1980-81 4.0 7.5 11.0 17.0 60.5 46.7 70 Jordan... .. . 71Costa Rica .1971 3.3 8.7 13.3 19.8 54.8 39.5 72 Syrian Arab Rep.... .... ... 73 Malayuia . 1973 3.5 7.7 12.4 20.3 56.1 39.8 74 Mexico .. 1977 2.9 7.0 12.0 20.4 57.7 40.6 75 South Africa . .. 76 Poland 24.5 . .. .. 77 Lebanon ... .. .. Upper-middle-income 78 Brazil .1972 2.0 5.0 9.4 17.0 66.6 50.6 79 Uruguay .. ... . 80 Hungary 31.2 1982 6.9 13.6 19.2 24.5 35.8 20.5 81 Panama . 1973 2.0 5.2 11.0 20 61.8 44.2 82 Argentina . 1970 4.4 9.7 14.1 21.5 50.3 35.2 83 Yugoslavia 29.2 1978 6.6 12.1 18.7 23.9 38.7 22.9 84 Algeria . . . .. 85 Korea, Rep. 24.3 1976 5.7 11.2 15.4 22.4 45.3 27.5 86 Gabon .... . 87 Portugal 33.8 1973-74 5.2 10.0 14.4 21.3 49.1 33.4 88 Venezuela .1970 3.0 7.3 12.9 22.8 54.0 35.7 89 Greece 35.5 ... .. . 90 Trinidad and Tobago . 1975-76 4.2 9.1 13.9 22.8 50.0 31.8 91 Libya ... .. .. 92 Oman ..... . 93 Irean, Islamic Rep. 28.3 . .... .. ... 94 Iraq ... . 95 Romania . . .... Low- and miiddle-income Sub-Sabaran Africa East Asia South Asia Europe, M.East, & N.Africa Latin America & Caribbean 17 highly indebted High-incomeconomies OECD members tOtber 96 Spain 46.0 1980-81 6.9 12.5 17.3 23.2 40.0 24.5 97 Ireland 40.9 1973 7.2 13.1 16.6 23.7 39.4 25.1 98 tSaudi Arabia ... .. .. 99 tIsrael . 1979-80 6.0 12.0 17.7 24.4 39.9 22.6 100 New Zealand 60.9 1981-82 5.1 10.8 16.2 23.2 44.7 28.7 101 tSingapore .. . 102 -tHong Kong 60.4 1980 5.4 10.8 15.2 21.6 47.0 31.3 103 Itly 65.6 1977 6.2 11.3 15.9 22.7 43.9 28.1 104 United Kingdom 66.1 1979 7.0 11.5 17.0 24.8 39.7 23.4 105 Australia 71.1 1975-76 5.4 10.0 15.0 22.5 47.1 30.5 106 Belgium 64.7 1978-79 7.9 13.7 18.6 23.8 36.0 21.5 107 Netheriands 68.2 1981 8.3 14.1 18.2 23.2 36.2 21.5 108 Austria 66.1 . .... .. 109 France 69.3 1975 5.5 11.5 17.1 23.7 42.2 26.4 110 Germany,Fed.Rep. 73.8 1978 7.9 12.5 17.0 23.1 39.5 24.0 II1 Finland 69.5 1981 6.3 12.1 18.4 25.5 37.6 21.7 113 Denmark 74.2 1981 5.4 12.0 18.4 25.6 38.6 22. 3 114 Canada 92.5 1981 5.3 11.8 18.0 24.9 40 23.8 115 Sweden 76.9 1981 7.4 13.1 16.8 21.0 41.7 28.1 116 Japan 71.5 1979 8.7 13.2 17.5 23.1 37.5 22.4 117 fUnited Arab Emirates .... . ... . 118 Norway 84.4 1982 6.0 12.9 18.3 24.6 38.2 22.8 119 UnitedStates 100.0 1980 5.3 11.9 17.9 25.0 39.9 23.3 120 Switzerland . 1978 6.6 13.5 18.5 23.4 38.0 23.7 Total reporting economies Oil exporters Nonreporting nonmembers Note: ICP refers to the UN's Intemational Comparison Program. Data are preliminary Phase V results; see the technical notes for details. All estimates in this table should be treated with caution. 223
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~~~~/ , -. \-E:-: - :: 0 0 - PUB768
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Oxford University Press NEW YORK OX
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countries' financial institutions i
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4 Financial sector issues in develo
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7.1 Shares of medium- and long-term
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* Fractional reserve banking. The p
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NTB Nontariff barrier * Growth rate
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and grew even faster in 1988 than i
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etter loan recovery procedures, mor
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l~ ~~~ ~ ~~~~~~~~~~~~~~~~~~~ ;:: ;
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The early years of the recovery wer
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Figure 1.4 Growth of export volume
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Figure 1.6 Saving and investment ra
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edly, in Argentina, Brazil, and Mex
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5~~~~ '~ ' S " ''t.*:'.: .:,0!3gft"
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Box 1.2 Debt concepts A variety of
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Table 1.1 Selected economic indicat
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Figure 1.8 Domestic and external li
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Box 1.3 Foreign equity investment E
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j Box 2.1 Life without money "Some
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other ways too. By imposing direct
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Box 2.2 Transaction costs and the s
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Box 2.3 Real interest rates and gro
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I Box 2.4 Swapping risk All economi
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Box 2.5 Deposit insurance Most high
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GOVERNMENT. As well as being regula
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and receivables, whereas developmen
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with the expansion of nonlocal trad
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over. Even so, bankers and industri
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Box 3.3 Financial swindles i Swindl
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Box 3.4 Financial underdevelopment
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Box 3.6 Universal banking One of th
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1960s. They speeded the internation
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4 Financial sector issues in develo
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Box 4.1 Directed credit in Turkey ,
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Box 4.2 Lending program for small e
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Box 4.4 The Botswana Development Co
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markets to finance their deficits,
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0~~~~~ = == X .. _- -- = -_ _ _ __
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Figure 4.3 Financial savings and th
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Box 4.8 Financial indexation in Bra
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Financial systems in distress Not s
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t !< 4> - !: e z u- >as uei- i.e_.S
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tem. They have succeeded in stemmin
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governments gave too little thought
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Box 5.4 The U.S. savings and loan c
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or take a step in the other directi
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have been even larger. The cost of
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~Foundations offinancial systems If
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(an issue closely related to the as
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several centuries. The spread of su
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Bankruptcy and reorganization monit
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Box 6.5 Elements of a bank supervis
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they attempted to discipline bank m
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Developing financial systems What s
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Figure 7.1 Shares of medium- and lo
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Box 7.3 The financial history of a
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Box 7.4 Housing finance The formal
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Box 7.5 Bank modernization: Indones
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DEVELOPMENT FINANCE INSTITUTIONS. T
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esources in government securities o
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strides in recent years in establis
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Issues in informal finance Small-sc
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Box 8.2 Rotating savings and credit
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original amount to the renter by th
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cooperatives' managers because it a
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Box 8.4 The Badan Kredit Kecamatan:
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Toward more liberal and open financ
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a brief period firms faced rapid ch
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Box 9.2 Financial reform in Korea K
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In the next stage, financial reform
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industry, policy reforms and the re
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Conclusions of the Report challenge
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tion "Risks and costs of finance" d
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Montes-Negret, Fernando. "The Decli
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D.C.: International Monetary Fund a
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Harberger, Arnold C. 1985. "Lessons
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croenterprises: Programs or Markets
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Douglas Graham, and J. D. Von Pisch
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Table A.2 Population and GNP per ca
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Table A.5 GDP structure of producti
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Table A.8 Growth of export volume,
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Table A.10 Growth of long-term debt
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Table A.12 Composition of debt outs
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Contents Key 157 Introduction and m
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Introduction The World Development
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Throughout the World Development In
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Population _ 0-15 million The color
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Table 1. Basic indicators __ GNP pe
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Table 2. Growth of production______
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Table 3. Structure of production __
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Table 4. Agriculture and food Value
Page 186 and 187: Table 5. Commercial energy ~~Energy
Page 188 and 189: Table 6. Structure of manufacturing
Page 190 and 191: Table 7. Manufacturing earnings and
Page 192 and 193: Table 8. Growth of consumption and
Page 194 and 195: Table 9. Structure of demand Distri
Page 196 and 197: Table 10. Structure of consumption_
Page 198 and 199: Table 11. Central government expend
Page 200 and 201: Table 12. Central government curren
Page 202 and 203: Table 13. Money and interest rates
Page 204 and 205: Table 14. Growth of merchandise tra
Page 206 and 207: Table 15. Structure of merchandise
Page 208 and 209: Table 16. Structure of merchandise
Page 210 and 211: Table 17. OECD imports of manufactu
Page 212 and 213: Table 18. Balance of payments and r
Page 214 and 215: Table 19. Official development assi
Page 216 and 217: Table 20. Official development assi
Page 218 and 219: Table 21. Total external debt Long-
Page 220 and 221: Table 22. Flow of public and privat
Page 222 and 223: Table 23. Total external public and
Page 224 and 225: Table 24. External public debt and
Page 226 and 227: Table 25. Terms of external public
Page 228 and 229: Table 26. Population growth and pro
Page 230 and 231: Table 27. Demography and fertility
Page 232 and 233: Table 28. Health and nutrition popu
Page 234 and 235: Table 29. Education Percentage ofag
Page 238 and 239: Table 31. Urbanization Urban popula
Page 240 and 241: Table 32. Women in development_____
Page 242 and 243: Technical notes This twelfth editio
Page 244 and 245: Box A.1. Basic indicators for count
Page 246 and 247: Box A.2. Selected indicators for no
Page 248 and 249: from the Food and Agriculture Organ
Page 250 and 251: Exports of goods and nonfactor serv
Page 252 and 253: spectively. Since 1987 data are not
Page 254 and 255: The table reports the value of manu
Page 256 and 257: teed, and private nonguaranteed lon
Page 258 and 259: the Demographic and Health Surveys,
Page 260 and 261: also the one used within the global
Page 262 and 263: Bibliography Production and domesti
Page 264 and 265: Country classifications: World Deve
Page 266: I i
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