Financial Freedom (Index of Economic Freedom), 1995 - 2014

Financial Freedom (Index of Economic Freedom), 1995 - 2014

Austria

1995

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
90
90
90
70
70
70
70
70
70
70
70
70
70
70
70
70
70
70
70
70
70
70
70
70
70
70
70
70
70
70
70
80
80
80
70
70
70
70
70
Belgium
Bulgaria
50
50
50
50
50
50
50
50
70
70
70
60
60
60
60
60
60
60
60
Croatia
50
50
50
50
50
50
50
50
70
70
70
60
60
60
60
60
60
60
60
Cyprus
70
70
70
70
70
70
70
70
70
70
70
70
70
70
70
70
70
60
50
90
90
90
90
90
90
90
90
90
90
90
80
80
80
80
80
80
80
80
70
70
70
70
70
70
90
90
90
90
90
90
90
90
90
90
90
90
90
70
70
70
70
70
70
90
90
90
90
90
90
80
80
80
80
80
80
80
Czech Republic
50
90
Denmark
Estonia
70
Finland
50
50
50
50
50
50
70
70
70
70
70
80
80
80
80
80
80
80
80
France
50
50
50
50
50
50
50
50
50
50
50
50
60
70
70
70
70
70
70
70
Germany
70
70
70
50
50
50
50
50
50
50
50
50
50
60
60
60
60
60
70
70
Greece
30
30
30
30
30
30
50
50
50
50
50
50
40
50
50
60
60
60
50
50
Hungary
50
70
70
70
70
70
70
70
70
70
70
70
60
70
70
70
70
70
70
70
Ireland
70
70
70
70
70
70
90
90
90
90
90
90
90
90
90
80
70
70
70
70
Italy
50
50
70
70
70
70
70
70
70
70
70
50
60
60
60
60
60
60
60
60
Latvia
50
70
70
70
70
70
70
70
70
70
70
70
70
60
50
50
50
50
50
Lithuania
30
50
50
50
50
50
50
70
90
90
90
80
80
80
80
80
80
80
80
Luxembourg
70
70
70
70
70
90
90
90
90
90
90
80
80
80
80
80
80
80
80
50
50
50
50
50
70
70
50
70
90
70
70
70
60
60
60
60
60
60
90
90
90
90
90
90
90
90
90
90
90
80
90
90
80
80
80
80
80
Malta
50
Netherlands
Poland
50
50
50
50
50
50
50
70
70
70
70
70
50
60
60
60
60
60
70
70
Portugal
50
50
50
50
50
50
50
50
50
50
50
50
50
50
60
60
60
60
60
60
Romania
50
50
50
50
50
50
30
30
50
50
50
50
60
50
50
50
50
50
50
50
Slovak Republic
50
50
50
50
50
50
50
70
70
90
90
90
80
80
70
70
70
70
70
70
Slovenia
70
70
70
70
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
Spain
70
50
50
70
70
70
70
70
70
70
70
70
80
80
80
80
80
80
70
70
Sweden
50
50
70
70
70
70
70
90
90
90
90
70
70
80
80
80
80
80
80
80
United Kingdom
90
90
90
90
90
90
90
90
90
90
90
90
90
90
90
80
80
80
80
80
50
50
50
50
50
50
50
50
90
90
70
70
70
60
60
60
60
60
70
70
70
70
70
60
60
60
60
60
60
60
60
Iceland
Macedonia
Page 1 of 3

1995
2002
2003
Montenegro
30
Serbia
Norway
Switzerland
1996
1997
1998
1999
2000
2001
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
30
50
50
50
50
50
50
30
30
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
60
60
60
60
60
60
70
90
90
90
90
90
90
90
90
90
70
70
80
80
80
80
80
80
80
Turkey
70
70
70
70
70
70
50
50
50
50
30
50
50
50
50
50
50
60
60
60
Australia
90
90
90
90
90
90
90
90
90
90
90
90
90
90
90
90
90
90
90
90
Brazil
50
50
50
50
50
50
50
50
50
50
50
50
40
40
50
50
50
60
60
60
Canada
70
70
70
70
70
70
70
70
70
70
70
70
70
80
80
80
80
80
80
80
China
50
50
50
50
50
50
30
30
30
30
30
30
30
30
30
30
30
30
30
30
India
30
30
30
30
30
30
30
30
30
30
30
30
30
30
40
40
40
40
40
40
Japan
70
50
50
50
50
50
50
50
50
30
30
50
50
50
50
50
50
50
50
50
Korea
70
70
70
70
50
50
50
50
50
50
50
50
50
60
60
70
70
70
70
80
Mexico
30
30
30
30
30
30
50
70
70
70
70
70
60
60
60
60
60
60
60
60
New Zealand
90
90
90
90
90
90
90
90
90
90
90
80
80
80
80
80
80
80
80
Russian Federation
50
50
70
70
70
30
30
30
30
30
30
30
40
40
40
40
40
40
30
30
United States
70
70
70
70
70
70
90
90
90
90
90
90
80
80
80
70
70
70
70
70
Empty cells: Data not available.

This table concentrates on developed OECD countries. The source contains information about more countries.
Financial freedom is a measure of banking security as well as a measure of independence from government control. State ownership of banks and other financial institutions such as
insurers and capital markets reduces competition and generally lowers the level of available services. In an ideal banking and financing environment where a minimum level of
government interference exists, independent central bank supervision and regulation of financial institutions are limited to enforcing contractual obligations and preventing fraud.
Credit is allocated on market terms, and the government does not own financial institutions. Financial institutions provide various types of financial services to individuals and
companies. Banks are free to extend credit, accept deposits, and conduct operations in foreign currencies. Foreign financial institutions operate freely and are treated the same as
domestic institutions.
The Index scores an economys financial freedom by looking into the following five broad areas: extent of government regulation of financial services; the extent of state intervention
in banks and other financial services firms through direct and indirect ownership; the extent of financial and capital market development; government influence on the allocation of
credit and the openness to foreign competition. These five areas are considered to assess an economys overall level of financial freedom that ensures easy and effective access to
financing opportunities for people and businesses in the economy. An overall score on a scale of 0 to 100 is given to an economys financial freedom through deductions from the
ideal score of 100.
Page 2 of 3

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
100 Negligible government influence

90 Minimal government influence
Regulation of financial institutions is minimal but may extend beyond enforcing contractual obligations and preventing fraud.
80 Nominal government influence
Government ownership of financial institutions is a small share of overall sector assets. Financial institutions face almost no restrictions on their ability to offer financial services.
70 Limited government influence.
Credit allocation is influenced by the government, and private allocation of credit faces almost no restrictions. Government ownership of financial institutions is sizeable. Foreign
financial institutions are subject to few restrictions.
60 Significant government influence
The central bank is not fully independent, its supervision and regulation of financial institutions are somewhat burdensome, and its ability to enforce contracts and prevent fraud is
insufficient. The government exercises active ownership and control of financial institutions with a significant share of overall sector assets. The ability of financial institutions to offer
financial services is subject to some restrictions.
50 Considerable government influence
Credit allocation is significantly influenced by the government, and private allocation of credit faces significant barriers. The ability of financial institutions to offer financial services is
subject to significant restrictions. Foreign financial institutions are subject to some restrictions.
40 Strong government influence
The central bank is subject to government influence, its supervision of financial institutions is heavy-handed, and its ability to enforce contracts and prevent fraud is weak. The
government exercises active ownership and control of financial institutions with a large minority share of overall sector assets.
30 Extensive government influence
Credit allocation is extensively influenced by the government. The government owns or controls a majority of financial institutions or is in a dominant position. Financial institutions are
heavily restricted, and bank formation faces significant barriers. Foreign financial institutions are subject to significant restrictions.
20 Heavy government influence
The central bank is not independent, and its supervision of financial institutions is repressive. Foreign financial institutions are discouraged or highly
constrained.
10 Near repressive
Credit allocation is controlled by the government. Bank formation is restricted. Foreign financial institutions are prohibited.
0 Repressive
Supervision and regulation are designed to prevent private financial institutions. Private financial institutions are prohibited.
Source: Heritage Foundation, Index of Economic Freedom (http://www.heritage.org/research/features/index/), accessed 20 January 2014.
Page 3 of 3

Financial Freedom (Index of Economic Freedom), 1995 - 2014

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Financial Freedom (Index of Economic Freedom), 1995 - 2014

Financial Freedom (Index of Economic Freedom), 1995 - 2014

Empty cells: Data not available.

Financial Freedom (Index of Economic Freedom), 1995 - 2014

100 Negligible government influence

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