Efficiency of Financial Markets

This map reflects the efficiency of financial markets, based on the stock market turnover ratio. This ratio is calculated as the total value of shares traded divided by the average market capitalization for the period. The data are compiled by the authors of the Global Financial Development database from Standard and Poor's, the Global Stock Markets Factbook and supplemental S&P data, and are reported by the World Development Indicator.

Data source: Financial Soundness Indicators, updated November 2011

Source: Global Financial Development Database; Martin Čihák, Asli Demirgüç-Kunt, Erik Feyen and Ross Levine: "Financial development in 205 economies, 1960 to 2010", NBER Working Paper No. 18946, April 2013

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