* indicates monthly or quarterly data series

Financial markets development, efficiency, 2021:

The average for 2021 based on 24 countries was 0.447 index points. The highest value was in Finland: 1 index points and the lowest value was in Luxembourg: 0.001 index points. The indicator is available from 1980 to 2021. Below is a chart for all countries where data are available.

Measure: index points; Source: International Monetary Fund
Select indicator
* indicates monthly or quarterly data series


Countries Financial markets development, efficiency, 2021 Global rank Available data
Finland 1 1 1980 - 2021
Italy 1 2 1980 - 2021
Portugal 1 3 1980 - 2021
Germany 0.98 4 1980 - 2021
Sweden 0.845 5 1980 - 2021
Spain 0.796 6 1980 - 2021
France 0.785 7 1980 - 2021
Netherlands 0.747 8 1980 - 2021
Poland 0.58 9 1980 - 2021
Denmark 0.556 10 1980 - 2021
Hungary 0.499 11 1982 - 2021
Greece 0.399 12 1982 - 2021
Austria 0.372 13 1980 - 2021
Ireland 0.36 14 1980 - 2021
Belgium 0.35 15 1980 - 2021
Czechia 0.196 16 1990 - 2021
Romania 0.142 17 1980 - 2021
Slovenia 0.068 18 1992 - 2021
Croatia 0.018 19 1992 - 2021
Malta 0.017 20 1980 - 2021
Bulgaria 0.015 21 1988 - 2021
Cyprus 0.01 22 1980 - 2021
Slovakia 0.002 23 1991 - 2021
Luxembourg 0.001 24 1980 - 2021



Definition: Measures the efficiency of financial markets using the following variable: Stock market turnover ratio (stocks traded to capitalization). See Svirydzenka, Katsiaryna (IMF, 2016) for more detail.

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