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Global Financial Development Report 2017/2018: Bankers without Borders brings to bear new evidence on the benefits and costs of international banking. Countries that are open to international banking can benefit from global flows of funds, knowledge, and opportunity, but the regulatory challenges are complex and, at times, daunting.

Global Financial Development Report 2015/2016 is the third in a World Bank series. It provides a unique contribution to financial sector policy debates, building on novel data, surveys, research, and wide-ranging country experience, with emphasis on emerging markets and developing economies. The report¡¯s findings and policy recommendations are relevant for policy makers; staff of central banks, ministries of finance, and financial regulation agencies; nongovernmental organizations and donors; academics and other researchers and analysts; and members of the finance and development community.

Global Financial Development Report 2014 is the second in a new World Bank series, following the inaugural 2013 Global Financial Development Report, which re-examined the state¡¯s role in finance after the global financial crisis. Common to both reports is that they present a nuanced approach to financial sector policy, grounded in a synthesis of new research evidence. The report presents new data and research, drawing on them to contribute to the policy discussion. It highlights novel evidence that financial inclusion can reduce poverty and boost shared prosperity.

The worldwide financial crisis brought into relief the role of financial systems in economic development and poverty reduction. ľ¹ÏÓ°Ôº¡¯s first-ever Global Financial Development Report contributes to the policy debates on this topic, building on new datasets, surveys, research and country experience, emphasizing the perspective of low- and middle-income countries. The report re-examines a basic question highlighted by the crisis: what is the proper role of the state in financial development?