Martin Cihák, Asli Demirgüç-Kunt, Erik Feyen, Ross Levine, 25 April 2013

Is there too much financial development, or too little? Can economists even measure it well? This column argues that commonly used measures of financial development are poor proxies of what the financial system actually does, presenting a new worldwide database that aims to fill some of the gaps. There needs to be a stronger link between the theory and measurement of financial development.

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