Business, finance (source: MEDevEcon)


Entrepreneurship, SMEs, Privatisation and Business Environment

On his websiteThorsten Beck at Tilburg University provides access to data on small and medium enterprises (SME) share of employment in firms with less than 250 employees in manufacturing.

The Global Entrepreneurship Monitor (GEM) research program is an annual assessment of the national level of entrepreneurial activity. Data is collected for ‘activity’, ‘aspirations’, and ‘attitudes and perceptions’ (multiple variables under each rubric). Started as a partnership between London Business School and Babson College, it was initiated in 1999 with 10 countries, expanded to 21 in the year 2000, with 29 countries in 2001 and 37 countries in 2002. GEM 2009 is set to conduct research in 56 countries. GEM data for 1999 – 2006 is currently in the public domain. Full GEM datasets are made available to the public three years after the end of an annual data collection cycle. As such, GEM 2007 data will be made available to the public in January 2011. The data is in SPSS format.

The World Bank World Business Environment Survey (WBES 2000) was administered to enterprises in 80 countries in late 1999 and early 2000, using a standard core enterprise questionnaire methodology. This comprehensive survey of over 10,000 firms covers enterprise responses to multiple questions on the investment climate and business environment as shaped by domestic economic policy; governance; regulatory, infrastructural and financial impediments, as well as assessments of public service quality. There is no access to the raw data from this website, so you will have to go through the variable and sample selection process and then ask for the data in spreadsheet format.

The World Bank Doing Business project ‘provides objective measures of business regulations and their enforcement across 181 economies and selected cities at the subnational and regional level.’ The raw data for these surveys (run from 2004 onwards but with varying coverage for individual countries) is available via summary reports, which can then be accessed in excel.

The World Bank offers some statistics and details on privatisation transactions in excess of $1million within developing countries. The searchable database is for 2000-2007, but there is also a link to an Excel spreadsheet for the period 1988-1999. Apart from summary statistics on deal value etc., this resource provides transaction-level information (name of the company, sector, year and value of the deal) for developing and emerging economies. There is also a link for this and other World Bank data (e.g. infrastructure, Doing Business) to be mapped on a global scale – unfortunately these google-map based charts do not use standard colouring-in of countries but labels instead, which means they’re not that helpful (plus: they cannot be exported). However, I imagine the new World Bank data mapper will supersede this tool very soon.

Labour Regulation data: Andrei Shleifer‘s website provides links to a number of datasets he has compiled and used with various co-authors. This includes ‘Private Credit in 129 Countries’ (JFE 2007, with S. Djankov and C. McLiesh), with data from 1978-2002 and data on the ‘unofficial economy’ (primarily cross-section data).

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Macro Stability, Business Cycles, Banking, Finance and Financial Crises

For Public Finance see section on Social Security, Taxes and the State.

The IADB website hosts the data used in the work on trade intensity and business cycles by César Calderón, Alberto Chong and Ernesto Stein (2006, JIE). From the abstract: “Using annual information for 147 countries for the period 1960-99 we find that the impact of trade intensity on business cycle correlation among developing countries is positive and significant, but substantially smaller than that among industrial countries. Our findings suggest that differences in the responsiveness of cycle synchronization to trade integration between industrial and developing countries are explained by differences in the patterns of specialization and bilateral trade.”

A New Database on Financial Development and Structure (1960-2007), produced by Thorsten Beck, Asli Demirguc-Kunt and Ross Levine, is available on the World Bank website . This is the updated version (April 2010) and provides indicators of financial development and structure (in total 22 variables) across countries (211 countries listed, but there are of course missing observations) and over time.

Systemic Banking Crises: A New Database (1970-2007) is presented by Luc Laeven and Fabian Valencia in their IMF working paper No. 08/224. This paper presents a new database on the timing of systemic banking crises and policy responses to resolve them. The database covers the universe of systemic banking crises for the period 1970-2007, with detailed data on crisis containment and resolution policies for 42 crisis episodes, and also includes data on the timing of currency crises and sovereign debt crises. The database extends and builds on the Caprio, Klingebiel, Laeven, and Noguera (2005) banking crisis database, and is the most complete and detailed database on banking crises to date.

The personal website of Luc Laeven (Deputy Division Chief in the Research Department of the International Monetary Fundand Full Professor of Finance at CentER, Tilburg University) carries a number of interesting datasets for cross-country analysis, including the ‘Banking Crisis Database (2010)’, Crisis resolution database and Deposit Insurance Database, together with some papers he’s written describing and analysing the data. [Thanks to my buddy Andrea Presbitero at Università Politecnica delle Marche for the pointer]

On his websiteThorsten Beck at Tilburg University provides cross-section data (2003) on access and use of banking services across 99 developing and developed countries: number of branches, ATMs, loans, deposits. This is from joint work with A.Demirgüç-Kunt and M. Martinez Peria. Thorsten also has panel data on financial development (private credit) for up to 72 countries, from work with A. Demirgüç-Kunt and R. Levine.

The World Bank (Cihák, Demirgüç-Kunt, Feyen & Levine) provides the Global Financial Development Database (GFDD) which covers 1960-2010 for 203 countries. “The Global Financial Development Database is based on this 4×2 framework. It builds on, updates, and extends previous efforts, in particular the data collected for the “Database on Financial Development and Structure”, the Financial Access Survey, the Global Findex and Financial Soundness Indicators. The database includes measures of (a) size of financial institutions and markets (financial depth), (b) degree to which individuals can and do use financial services (access), (c) efficiency of financial intermediaries and markets in intermediating resources and facilitating financial transactions (efficiency), and (d) stability of financial institutions and markets (stability). The dataset can be used to document cross-country differences and time series trends.” Data can be downloaded in an Excel file and there is additional documentation.
Scott Baker and Nick Bloom, both at Stanford University, provide all the quarterly stock market returns and disaster data (in Stata) for 60 countries (including a considerable number of emerging economies) over the 1970-2010 time period used in their uncertainty and growth paper. They also provide the do-files to replicate all empirical results in the paper.
The companion website to Carmen Reinhart and Ken Rogoff‘s This time is different: Eight centuries of financial follies provides access to all the great data they compiled for their research. Topics covered include very long time series for debt/GDP ratio, inflation, exchange rate regimes and many more.

The World Bank provides (in collaboration with the IMF) the Quarterly External Debt Statistics – these come in two variants, the general (GDDS) and special (SDDS) dissemination. Currently, sixty countries have agreed to participate in the SDDS/QEDS database and forty-two Low-Income Countries (LICs) to provide data to the GDDS/QEDS database. Data begins in 1998.

The Joint External Debt Hub (JEDH – pronounced Jedi?) — jointly developed by the Bank for International Settlements (BIS), the International Monetary Fund (IMF), the Organization for Economic Cooperation and Development (OECD) and the World Bank (WB) — brings together external debt data and selected foreign assets from international creditor/market and national debtor sources. The JEDH replaces the (above) Joint BIS-IMF-OECD-WB Statistics on External Debt and brings together 34 data series from the above institutions. Coverage starts in 1990 and can be up to quarterly, for all countries in the world, although this depends on the variable (e.g. ‘International Reserves’ seemed to have a very good [from 1990] and quarterly coverage but other variables start later, are less frequent and less broad in country-terms). [This dataset was featured in an article by Sarah Bracking in the Google magazine thinkquarterly]

Christoph Trebesch at Munich University (LMU) provides data on debt restructuring episodes from 1950-2010 from a research project with Udaibir Das and Michael Papaioannou (IMF). The data can be downloaded in Excel format and provides information on the timing (month/year) of the restructuring, amount, etc. Over 600 episodes are recorded. An accompanying IMF working paper provides details on concepts and reviews the existing literature.
The World Bank‘s new International Debt Statistics are now available as part of the institution’s Open Data Initiative: “high frequency, quarterly, external and public debt data for both high-income and developing countries collected and compiled by the World Bank in partnership with the International Monetary Fund. Now users can not only examine trends in debt flows within the developing world, but also take a closer look at the external debt of high-income countries, and develop a more complete understanding of global financial flows”. Picking the standard measure of external debt burden (in % of GNI) I found data from 1970 to 2011 for around 140 countries (unbalanced). A large number of more differentiated data are available, with varying time series and cross-section coverage.

The Inter-American Development Bank provides data on Bank Ownership and Bank Performance covering 119 countries over the 1995-2002 period. The methodology used to generate the data is described in Micco, Panizza and Yanez (2004) “Bank Ownesrhip and Performance,” IDB-RES working paper No. 518.

The Chinn-Ito index (KAOPEN) is an index measuring a country’s degree of capital account openness. The index was initially introduced in Chinn and Ito (Journal of Development Economics, 2006). KAOPEN is based on the binary dummy variables that codify the tabulation of restrictions on cross-border financial transactions reported in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER). The dataset is available in the Excel or STATA format. The data file contains the Chinn and Ito index series for the time period of 1970-2007 for 182 countries.  [Thanks to Malgorzata Sulimierska at Sussex University for the link]

Huang Yongfu at Cambridge’s Land Economy department has some links to datasets on Financial Developments as well as other resources on the topic (researchers in the area, papers).

The IMF has a new database reporting the access to basic consumer financial services worldwide. At present this data covers 138 economies, nominally for the period 1998-2009, although most countries only have data from 2004 onwards. Annual information covers the reported use of banking services and access to banks’ physical outlets. The data for all countries and time periods cam be downloaded as an Excel file. [via economicslinks]

James R. Barth, Gerard Caprio, Jr. and Ross Levine (Auburn, Williams, UC Berkeley) have compiled data on Bank Regulation and Supervision in 180 Countries from 1999 to 2011. “[T]he measures are based upon responses to hundreds of questions, including information on permissible bank activities, capital requirements,  the powers of official supervisory agencies, information disclosure requirements, external governance mechanisms, deposit insurance,
barriers to entry, and loan provisioning. The dataset also provides information on the organization of regulatory agencies and the size, structure, and performance of banking systems. Since the underlying surveys are large and complex, we construct summary indices of key bank regulatory and supervisory policies to facilitate  cross-country comparisons and analyses of changes in banking policies over time.” Me-thinks: Was there no banking regulation before 1999?
A team of researchers at the IMF and World Bank (Asli Demirgüç-Kunt, Edward Kane and Luc Laeven) have updated some previous database on deposit insurance at private banks: they asked “national officials for information on capital requirements, ownership and governance, activity restrictions, bank supervision, as well as on the specifics of their deposit insurance arrangements.” In addition to the data in excel format the link provides access to a working paper which discusses construction and provides some descriptives. Coverage is for over 100 countries in the years 2003, 2010 and 2013. [h/t Andrea Presbitero]
Stijn Claessens and Neeltje van Horen from De Nederlandsche Bank have compiled a database with ownership information for 5,324 banks active in 137 countries over the period 1995-2009 (year of establishment can be earlier and is recorded; Banca Monte dei Paschi di Siena is the oldest in this database, established 1472).  “It includes for each bank its year of establishment, its year of inactivity, its ownership (foreign or domestic) and if foreign owned the home country of the majority shareholder.” Downloadable as an Excel file. Sadly no information about state-share of ownership (e.g. recent nationalisation following the global financial crisis). For detailed description of the database, see Claessens and Van Horen, 2013, “Foreign banks: Trends and impact”, Journal of Money, Credit and Banking, forthcoming. [Thanks to my buddy Andrea Presbitero at Università Politecnica delle Marche for the pointer]
Sofronis Clerides, Manthos D. Delis and Sotirios Kokas from the Department of Economics, University of Cyprus (Delis is at the University of Surrey) have created a dataset for the estimated degree of competition in the banking sectors of 148 countries over the period 1997-2010. The dataset is contained in tables at the end of their working paper, so a bit of copy and pasting will do the job. You’ll find some relevant work on banking regulation and competition (including a 2012 JDE paper) on Delis’ personal website.
Robert Barro at Harvard University provides a number of datasets on macroeconomic disasters related to his own research work on his website. This includes GDP and consumption time series for developing and developed economies from the late 19th century onward. The data can be downloaded in Excel format and related working papers are provided in a separate section of the website.
The Global Financial Inclusion (Global Findex) Database is a project funded by the Bill & Melinda Gates Foundation to measure how people in 148 countries — including the poor, women, and rural residents — save, borrow, make payments and manage risk. The dataset has been compiled by Leora Klapper and Asli Demirguc-Kunt of the World Bank and can be downloaded from the World Bank Open Data website (there are a total of 517 indicators for a max of 164 countries — at the moment this is for 2011 only).
The Bank for International Settlements (BIS) “has constructed long series on credit to the private non-financial sector for 40 economies, both advanced and emerging. Credit is provided by domestic banks, all other sectors of the economy and non-residents. The ‘private non-financial sector’ includes non-financial corporations (both private-owned and public-owned), households and non-profit institutions serving households as defined in the System of National Accounts 2008. In terms of financial instruments, credit covers loans and debt securities.” The data is quarterly from 1940 to 2012 (unbalanced panel) and can be downloaded in excel format alongside detailed documentation. [Thanks to my buddy Andrea Presbitero at Università Politecnica delle Marche for the pointer]

$$ The new IMF Financial Soundness Indicators provide information on the health of the entire sector of financial institutions, but also the counterpart corporate and household sectors, and of relevant markets. So far 64 countries have committed to participate, with the frequency of data left to the discretion of the countries. The database contains 12 core indicators, including variables like “Nonperforming loans to total gross loans” or “Return on Assets”, with the data (at present) provided in excel spreadsheets. Further new databases from the IMF include the Coordinated Direct Investment Survey (CDIS, from December 2010, dyadic data on inward and outward investment) and the Coordinated Portfolio Investment Survey (CPIS, covers equity securities, long- and short-term debt securities broken down by economy of residence of the issuer of the securities).

$$ Another IMF database are the High Frequency Government Statistics, which has annual, quarterly and (for some variables and countries) monthly data on the balance sheet. This is included in the International Financial Statistics.

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