The Consolidated Measurement of the Financial Markets Development: The Case of Transitional Economies
The Consolidated Measurement of the Financial Markets Development: The Case of Transitional Economies

Summary/Abstract: The principles and models for the quantitative measurement of the financial markets development at macro level (primarily in cases of transitional economies) are reviewed. The assessment is based on expert evaluation of the identified primary indicators, as well as on determination of the selected indexes of a group of development indicators and financial markets’ development index. Its main criterion is the financial markets development influence on the State competitiveness. Based on the exclusive indicators of global state competitiveness (WEF), four groups of essential primary indicators are considered. They determine the extent of financial markets development (including its sophistication) as expressive partial criteria. The SAW multicriteria evaluation method is also applied as the quantitative modeling instrument. The three-stage system proposed by the authors was realized by assessing the development stage of financial markets in Lithuania.

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