Characteristics of financial markets development inter alia include:  a)  Size of financial institutions and markets (financial depth)  b)  Degree to which individuals can and do use financial institutions and markets (access)  c)  Efficiency of financial institutions and markets in providing financial services (efficiency), and  d)  Stability of financial institutions and markets (stability)  12.
This is of great interest to central banks, not least because we use the knowledge gained from research as an input in our monetary policy decisions. Allow me to discuss two relevant cases in which current events have stimulated research.