Reproducibility package for Finance And Prosperity 2025
Reference ID
FR_WLD_2025_418
Author(s)
Diego M. Sourrouille
Collections
Metadata
Created on
Sep 23, 2025
Last modified
Dec 01, 2025
Overview
Abstract
This second edition of the Finance and Prosperity report analyzes new data and highlights a growing divergence in financial sector resilience and stability among emerging market and developing economies (EMDEs), addressing the Micro, Small and Medium Enterprises Finance Gap, and narrowing the Insurance Protection Gap for Natural Disasters.
Reproducibility Package
Scripts
File name
FR_WLD_2025_418
Zip package
FR_WLD_2025_418.zip
Title
Reproducibility package for Finance And Prosperity 2025
Date
2025-09
Dependencies
Stata dependencies are listed in the ado folder.
Instructions
See README in reproducibility package.
Notes
Computational reproducibility verified by Development Impact (DECDI) Analytics team, World Bank.
Source code repository
| Repository name | URI |
|---|---|
| Reproducible Research Repository (World Bank) | https://reproducibility.worldbank.org |
Software
Name
Stata
Version
18 MP
Name
Excel
Version
Microsoft Excel for Microsoft 365 MSO
Reproducibility
Technology environment
Paper exhibits were reproduced on a computer with the following specifications:
• OS: Windows 11 Enterprise, version 24H2
• Processor: Intel(R) Core(TM) Ultra 7 165U (2.10 GHz)
• Memory available: 32 GB
Technology requirements
Runtime: 5 minutes
Reproduction instructions
- Obtain Access to the Restricted Data: Most datasets are restricted and require special permissions. See the README for details on each dataset and how to request access. For most users, it will be very difficult to obtain all of the required data, as some datasets are confidential or require special approval processes.
- Place the Data in the Appropriate Folder: Update the file paths in the main do-file
_codemaster.doto your local setup so they match the directory where the data is stored. - Run the Main Do File: After updating the file paths, run the main do-file.
Because obtaining access to all required datasets will be very difficult for most users, this reproducibility package includes the outputs generated by the replicators. These are stored in the following locations:
\Chapter 1\processed_data\Chapter 2\processed_dataData reproducibility - F&P Chapter 3.xlsx
All additional details, including dataset descriptions and access instructions, are provided in the README file.
Data
Datasets
Name
Bloomberg Data
Note
Source: Bloomberg. Indicators consulted: Countries' EMBI, US 10-year Treasury yield, sovereign ratings (LT FC), and stock market capitalization (combined with WEO GDP).
Files location: Data/01 Raw Data/embi_q_since2018.xlsx (accessed 2025-07-29);
Data/01 Raw Data/bbg_corporates.dta (accessed 2025-03-01).
Bloomberg inputs were also used for tabs in fig1_1b.xlsx (sovratings, stock market cap; accessed 2025-08-07 and 2025-08-11).
Access policy
Data is restricted and not included in the reproducibility package
Data URL
https://www.bloomberg.com/
Citation
Bloomberg. 2025. Bloomberg Financial Data [dataset]. https://www.bloomberg.com. Accessed 2025-03–2025-08.
Name
Fitch Solutions (Fitch Connect)
Note
Source: Fitch Solutions (Fitch Connect).
Files location: Data/01 Raw Data/2023.dta; Data/01 Raw Data/2024.dta; Data/02 Intermediate Data/db_credit_reserve_stress_Y2024v.dta; db_sover_reserve_stress_Y2024v.dta; db_credit_reserve_stress_Y2023v.dta; db_sover_reserve_stress_Y2023v.dta; fitchidcredity2; fitchidsovy2 (all accessed 2025-07-17).
These files contain bank financials and derived stress metrics used for Fig. 1.6.
Access policy
Data is restricted and not included in the reproducibility package
Data URL
https://www.fitchsolutions.com/fitch-connect
Citation
Fitch Solutions. 2025. Fitch Connect Financials and Stress Metrics [dataset]. https://www.fitchsolutions.com/fitch-connect. Accessed 2025-07-17.
Name
International Financial Statistics
Note
Source: International Monetary Fund (IMF). 2025. International Financial Statistics.
Files location: Data/01 Raw Data/IFS_06-30-2025 18-24-26-07_timeSeries.csv (accessed 2025-06-30);
Data/02 Intermediate Data/ifs_totalassetsbanks2023.dta (accessed 2025-06-30);
Data/02 Intermediate Data/ifs_totalassetsbanks2024.dta (accessed 2025-06-30);
Population data.
Variables include: Other depository corporations’ data and total assets. A helper file built from IFS (parcial_ifs.dta) is provided to save processing time.
IFS inputs were also used for tabs in fig1_1b.xlsx
Access policy
Data is publicly available and included in the reproducibility package
License URL
https://www.imf.org/en/About/copyright-and-terms#data
Data URL
https://legacydata.imf.org/?sk=4C514D48-B6BA-49ED-8AB9-52B0C1A0179B
Citation
International Monetary Fund (IMF). 2025.. "International Financial Statistics [dataset]," https://legacydata.imf.org/?sk=4C514D48-B6BA-49ED-8AB9-52B0C1A0179B, 2025-06-30.
Name
World Economic Outlook
Note
Files/location: Data/02 Intermediate Data/weo_apr_2025.dta (accessed 2025-04-22).
WEO GDP (NGDPD) was also used in fig1_1b.xlsx (tabs ‘public debt’, ‘stock market cap’) with access dates 2025-08-11 and 2025-08-14.
Access policy
Data is publicly available and included in the reproducibility package
License URL
https://www.imf.org/en/About/copyright-and-terms#data
Data URL
https://www.imf.org/en/Publications/WEO/weo-database/2025/april
Citation
International Monetary Fund (IMF). 2025. World Economic Outlook Database, April 2025 [dataset]. https://www.imf.org/en/Publications/WEO/weo-database/2025/april. Accessed 2025-04-22 and 2025-08-11/14.
Name
Bank Regulation and Supervision Survey
Note
Files location: Data/02 Intermediate Data/min_cap_requir_012024.dta (access year 2025).
Content: minimum capital requirements, updated with collected data where possible.
Access policy
Data is publicly available and included in the reproducibility package
License URL
https://www.worldbank.org/en/about/legal/terms-of-use-for-datasets
Data URL
https://www.worldbank.org/en/research/brief/BRSS
Citation
World Bank. 2025. Bank Regulation and Supervision Survey [dataset]. https://www.worldbank.org/en/research/brief/BRSS. Accessed 2025.
Name
World Bank Country and Lending Groups
Note
Source: Author's elaboration with information from World Bank Country and Lending Groups. Files location: countrycodes.dta; AEEM.dta; ess_cncode_2023.dta.
Access policy
Data is publicly available and included in the reproducibility package
License
Creative Commons Attribution 4.0 (CC-BY 4.0)
License URL
https://datacatalog.worldbank.org/public-licenses#cc-by
Data URL
https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups
Citation
World Bank. 2025. Country and Lending Groups [dataset]. https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups. Accessed 2025.
Name
FinStats Database 2025
Note
Source: Authors elaboration with information from World Bank. Contains information of income groups medians of insurance, pension funds and mutual fund assets as percentage of GDP.
Access policy
Data access requires human approval and is not included in the reproducibility package.
Citation
World Bank. 2025. FinStats Database 2025 [dataset]. (Internal dataset; no public link available.)
Name
Macro Poverty Outlook
Note
Source: World Bank. Macro Poverty Outlook. Used in fig1_1b.xlsx (tab ‘ext debt service’; accessed 2025-08-07). Variable: External Debt Interest Payments, LCU, % of GDP.
Access policy
Data is publicly available and included in the reproducibility package
Data URL
https://www.worldbank.org/en/publication/macro-poverty-outlook#sec4
Citation
World Bank. 2025. Macro Poverty Outlook [dataset]. https://www.worldbank.org/en/publication/macro-poverty-outlook#sec4. Accessed 2025-08-07.
Name
World Development Indicators
Note
Used in fig1_1b.xlsx (tab ‘ext debt service’; accessed 2025-08-07). Variable: External Debt Interest Payments, LCU, % of GDP.
Access policy
Data is publicly available and included in the reproducibility package
License
Creative Commons Attribution 4.0 (CC-BY 4.0)
License URL
https://datacatalog.worldbank.org/public-licenses#cc-by
Data URL
https://databank.worldbank.org/source/world-development-indicators
Citation
World Bank. 2025. World Development Indicators [dataset]. https://databank.worldbank.org/source/world-development-indicators. Accessed 2025-08-07
Name
Classification of Fragile and Conflict-Affected Situations
Note
Source: World Bank.
Used in fig1_1b.xlsx (tab ‘fragility’; accessed 2025-08-14). Description: share of countries classified as conflict or institutional fragility by risk bracket.
Access policy
Data is publicly available and included in the reproducibility package
License
Creative Commons Attribution 4.0 (CC-BY 4.0)
License URL
https://datacatalog.worldbank.org/public-licenses#cc-by
Data URL
https://www.worldbank.org/en/topic/fragilityconflictviolence/brief/harmonized-list-of-fragile-situations
Citation
World Bank. 2025. Harmonized List of Fragile Situations [dataset]. https://www.worldbank.org/en/topic/fragilityconflictviolence/brief/harmonized-list-of-fragile-situations. Accessed 2025-08-14.
Name
Notre Dame Global Adaptation Initiative Country Index
Note
Used in fig1_1b.xlsx (tab ‘gain’; accessed 2025-08-14). Content: ND-GAIN scores (higher is better).
Access policy
Data is publicly available and included in the reproducibility package
Data URL
https://gain.nd.edu/our-work/country-index/
Citation
Notre Dame Global Adaptation Initiative (ND-GAIN). 2025. ND-GAIN Country Index [dataset]. https://gain.nd.edu/our-work/country-index/. Accessed 2025-08-14.
Name
Enterprise Surveys
Note
Source: World Bank.
Files location: Data/01 Raw Data/Biggest Obstacle.xlsx (accessed 2025-08-19); Data/01 Raw Data/Collapsed Table-2025 5-6-2025.dta (accessed 2025-05-06). Derived/reshaped files: Data/02 Intermediate Data/numberoffirms.dta (built from ES collapsed tables).
Access policy
Data is publicly available but does not allow redistribution, and it is not included in the reproducibility package
Data URL
https://www.enterprisesurveys.org/en/data
Citation
World Bank. 2025. Enterprise Surveys [dataset]. https://www.enterprisesurveys.org/en/data. Accessed 2025-05–2025-08.
Name
PitchBook
Note
Files location: Data/01 Raw Data/Pitchbook Data_June 10 2025.xlsx (accessed 2025-06-10); Data/02 Intermediate Data/vc_allocation_by_firm_size.xlsx (accessed 2025-05-23); Data/02 Intermediate Data/kinvested.dta (derived capital invested by country/category). Helper mapping: pitch_cncode.dta. These files underpin Figs. 2.6–2.8.
Access policy
Data is restricted and not included in the reproducibility package.
License URL
https://pitchbook.com/terms-of-use
Data URL
https://pitchbook.com/
Citation
PitchBook. 2025. PitchBook Venture Capital and Private Equity Data [dataset]. https://pitchbook.com. Accessed 2025-05–2025-06.
Name
2023 Business Dynamics Statistics Data Tables
Note
Source: US Census.
Files location: Data/01 Raw Data/BDSTIMESERIES.BDSFAGEFSIZE-Data 1.xlsx (accessed 2025-06-10). Derived file: Data/02 Intermediate Data/usfirms.dta (reshaped to study categories).
Access policy
Data is publicly available and included in the reproducibility package
Data URL
https://www.census.gov/data/tables/time-series/econ/bds/bds-tables.html
Citation
U.S. Census Bureau. 2025. Business Dynamics Statistics (2023 release) [dataset]. https://www.census.gov/data/tables/time-series/econ/bds/bds-tables.html. Accessed 2025-06-10.
Name
Micro, Small and Medium Enterprises Finance Gap
Note
Source: International Monetary Fund (forthcoming).
Files location: Data/01 Raw Data/Graphs - FCI input.xlsx. Expected publication: Q3 FY2026 (Jan–Feb 2026 tentative). Figures affected: 2.3, 2.4.
Pre-publication data shared under restrictions; not included in the public reproducibility package.
Access policy
Data is restricted and not included in the reproducibility package
Citation
International Monetary Fund. Forthcoming 2026. MSME Finance Gap Dataset [dataset]. (Pre-publication restricted data shared by IMF).
Name
World Bank Staff Assessment
Note
Files location: Data/01 Raw Data/fig1_1a.xlsx; fig1_1c.xlsx; fig1_7.xlsx; fig1_8.xlsx; figB1_2.xlsx; figB1_3.xlsx (survey period: March–May 2025). Please also see: raw data folder document “Format of Survey for fig 1_1, 1_2, 1_8, 1_9, B1_2, B1_4.docx.
Only aggregated survey results, as shown in the figures, are included in the package; raw survey inputs are not publicly available.
Access policy
Aggregated data is included in the reproducibility package
Citation
World Bank Staff. 2025. Internal Staff Assessment Survey Data (aggregated) [dataset]. (Internal dataset; survey conducted March–May 2025.)
Name
The State of Commodity Dependence
Note
Source: UN Trade and Development.
Used in fig1_1b.xlsx (tab ‘ext debt service’; accessed 2025-08-14).
Access policy
Data is publicly available and included in the reproducibility package
Data URL
https://unctad.org/topic/commodities/state-of-commodity-dependence
Citation
UNCTAD. 2025. State of Commodity Dependence [dataset]. https://unctad.org/topic/commodities/state-of-commodity-dependence. Accessed 2025-08-14.
Name
Global Insurance Market Report
Note
Source: International Association of Insurance Supervisors. accessed 2025-04.
Access policy
Data is restricted and not included in the reproducibility package
Data URL
https://www.iais.org/uploads/2024/12/Global-Insurance-Market-Report-2024.pdf
Citation
International Association of Insurance Supervisors (IAIS). 2024. Global Insurance Market Report 2024 [dataset]. https://www.iais.org. Accessed 2025-04.
Name
Balance sheet and income statement of insurance companies
Note
Source: OECD Data Explorer. accessed 2025-05-21.
Access policy
Data is publicly available and included in the reproducibility package
License
OECD Terms & Conditions
License URL
https://www.oecd.org/en/about/terms-conditions.html
Data URL
https://data-explorer.oecd.org/vis?lc=en&df[ds]=dsDisseminateFinalDMZ&df[id]=DSD_INS%40DF_BSI&df[ag]=OECD.DAF.CM&df[vs]=1.0&dq=.A.CLM%2BASS.USD..._T..DIR......&pd=2013%2C2023&to[TIME_PERIOD]=false&vw=tb
Citation
OECD. 2025. Balance Sheet and Income Statement of Insurance Companies [dataset]. https://data-explorer.oecd.org. Accessed 2025-05-21.
Name
Axco Portal Data
Note
Source: Axco Portal.
Indicator consulted: Average non-life penetration unweighted by income groups.
Specific instructions on how to download the data are included in the reproducibility package. Accessed 2025-06.
Access policy
Data is restricted and not included in the reproducibility package
Data URL
https://axco.co.uk/SSO?previous=/Portal
Citation
Axco. 2025. Insurance Market Intelligence Data [dataset]. https://axco.co.uk. Accessed 2025-06.
Name
Financial Access Survey
Note
Source: International Monetary Fund
Access policy
Data is publicly available and included in the reproducibility package
License URL
https://www.imf.org/external/terms.htm
Data URL
https://data.imf.org/en/datasets/IMF.STA:FAS
Citation
International Monetary Fund. 2025. Financial Access Survey (FAS) [dataset]. https://data.imf.org/en/datasets/IMF.STA:FAS. Accessed April 2025.
Name
INFORM RISK
Note
Source: European Commission
Accessed 2025-04.
Access policy
Data is publicly available and included in the reproducibility package
Data URL
https://drmkc.jrc.ec.europa.eu/inform-index/
Citation
European Commission JRC. 2025. INFORM Risk Index [dataset]. https://drmkc.jrc.ec.europa.eu/inform-index/. Accessed 2025-04.
Name
Exposed and Vulnerable Population Data
Note
Source: World Bank.
Indicator: Share of population that is exposed and vulnerable to climate-related hazards. Figure ES.1.
Access policy
Data is publicly available and included in the reproducibility package
Data URL
https://www.worldbank.org/en/publication/rising-to-the-challenge-climate-adaptation-resilience#data
Citation
World Bank. 2025. Exposed and Vulnerable Population to Climate Hazards [dataset]. https://www.worldbank.org/en/publication/rising-to-the-challenge-climate-adaptation-resilience#data. Accessed 2025.
Name
Protection Gap Data
Note
Source: Swiss Re.
Data was manually copied by the authors from the link below. The detailed process is explained in the README file. Accessed 2025-06.
Access policy
Data is publicly available and included in the reproducibility package
Data URL
https://www.swissre.com/risk-knowledge/mitigating-climate-risk/natcat-protection-gap-infographic.html#/
Citation
Swiss Re. 2025. Natural Catastrophe Protection Gap Data [dataset]. https://www.swissre.com. Accessed 2025-06
Data statement
Some data is restricted and has not been included in the reproducibility package. For more details, please refer to the README file.
Description
Output
Type
Flagship or other report
Title
Finance And Prosperity 2025
Description
World Bank Reports & Flagships
Authors
| Author | Affiliation | |
|---|---|---|
| Diego M. Sourrouille | World Bank | dsourrouille@worldbank.org |
Date of production
2025-09-23
Scope and coverage
Geographic locations
| Location | Code |
|---|---|
| World | WLD |
Disclaimer
Disclaimer
The materials in the reproducibility packages are distributed as they were prepared by the staff of the International Bank for Reconstruction and Development/The World Bank. The findings, interpretations, and conclusions expressed in this event do not necessarily reflect the views of the World Bank, the Executive Directors of the World Bank, or the governments they represent. The World Bank does not guarantee the accuracy of the materials included in the reproducibility package.
Access and rights
License
| Name | URI |
|---|---|
| Modified BSD3 | https://opensource.org/license/bsd-3-clause/ |
Contacts
Contacts
| Name | Affiliation | |
|---|---|---|
| Diego M. Sourrouille | World Bank | dsourrouille@worldbank.org |
| Reproducibility WBG | World Bank | reproducibility@worldbank.org |
Information on metadata
Producers
| Name | Abbreviation | Affiliation | Role |
|---|---|---|---|
| Reproducibility WBG | DECDI | World Bank - Development Impact Department | Verification and preparation of metadata |
Date of Production
2025-09-23
Document version
1