Identifying Constraints To Financial Inclusion And Their Impact On Gdp And Inequality

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Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality

Ms.Era Dabla-Norris,Yan Ji,Robert Townsend,Ms.Filiz Unsal
Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality Book PDF

Author : Ms.Era Dabla-Norris,Yan Ji,Robert Townsend,Ms.Filiz Unsal
Publisher : International Monetary Fund
Page : 49 pages
File Size : 42,9 Mb
Release : 2015-01-27
Category : Business & Economics
ISBN : 9781498381598

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Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality by Ms.Era Dabla-Norris,Yan Ji,Robert Townsend,Ms.Filiz Unsal Pdf

We develop a micro-founded general equilibrium model with heterogeneous agents to identify pertinent constraints to financial inclusion. We evaluate quantitatively the policy impacts of relaxing each of these constraints separately, and in combination, on GDP and inequality. We focus on three dimensions of financial inclusion: access (determined by the size of participation costs), depth (determined by the size of collateral constraints resulting from limited commitment), and intermediation efficiency (determined by the size of interest rate spreads and default possibilities due to costly monitoring). We take the model to a firm-level data from the World Bank Enterprise Survey for six countries at varying degrees of economic development—three low-income countries (Uganda, Kenya, Mozambique), and three emerging market countries (Malaysia, the Philippines, and Egypt). The results suggest that alleviating different financial frictions have a differential impact across countries, with country-specific characteristics playing a central role in determining the linkages and tradeoffs between inclusion, GDP, inequality, and the distribution of gains and losses.

Financial Inclusion, Growth and Inequality

Ms.Izabela Karpowicz
Financial Inclusion Growth and Inequality Book PDF

Author : Ms.Izabela Karpowicz
Publisher : International Monetary Fund
Page : 31 pages
File Size : 48,8 Mb
Release : 2014-09-12
Category : Business & Economics
ISBN : 9781475586046

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Financial Inclusion, Growth and Inequality by Ms.Izabela Karpowicz Pdf

Financial inclusion has been one of the key pillars of Colombia’s development strategy for a number of years. Financial inclusion policies have aimed at channeling microcredit to poor, spreading formal banking system usage, fostering electronic payment acceptance, and making financial services more affordable. Using simulations from a general equilibrium model it is possible to identify the most binding financial sector frictions that preclude financial inclusion of enterprises, and study the effects on growth and inequality of efforts to remove these frictions. The study finds that lowering contraints on collateral promises higher growth while inequality is better tackled through measures that lower the financial participation cost.

Financial Inclusion

Ms. Era Dabla-Norris,Yixi Deng,Anna Ivanova,Ms. Izabela Karpowicz,D. Filiz Unsal,Eva VanLeemput,Joyce Wong
Financial Inclusion Book PDF

Author : Ms. Era Dabla-Norris,Yixi Deng,Anna Ivanova,Ms. Izabela Karpowicz,D. Filiz Unsal,Eva VanLeemput,Joyce Wong
Publisher : International Monetary Fund
Page : 35 pages
File Size : 52,9 Mb
Release : 2015-09-28
Category : Business & Economics
ISBN : 9781513563879

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Financial Inclusion by Ms. Era Dabla-Norris,Yixi Deng,Anna Ivanova,Ms. Izabela Karpowicz,D. Filiz Unsal,Eva VanLeemput,Joyce Wong Pdf

Countries in Latin America and the Caribbean (LAC) have made important strides in promoting financial inclusion of firms and households. However, while the region is broadly at par with its peers on financial inclusion of firms, household inclusion lags behind. Nonetheless, there is substantial heterogeneity across LAC countries. Reducing borrowing costs and strengthening further the regulatory environment, while taking steps to protect efficiency and stability of the financial system, could help close financial inclusion gaps. Reducing financial participation and monitoring costs and relaxing collateral constraints will help spur growth and reduce inequality though trade-offs are likely, as illustrated in the case of Guatemala, El Salvador, and Peru.

Inequality in Financial Inclusion and Income Inequality

Goksu Aslan,Corinne Deléchat,Ms.Monique Newiak,Mr.Fan Yang
Inequality in Financial Inclusion and Income Inequality Book PDF

Author : Goksu Aslan,Corinne Deléchat,Ms.Monique Newiak,Mr.Fan Yang
Publisher : International Monetary Fund
Page : 32 pages
File Size : 48,7 Mb
Release : 2017-11-07
Category : Business & Economics
ISBN : 9781484328729

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Inequality in Financial Inclusion and Income Inequality by Goksu Aslan,Corinne Deléchat,Ms.Monique Newiak,Mr.Fan Yang Pdf

We investigate the link between gender inequality in financial inclusion and income inequality, with three contributions to the recent literature. First, using a micro-dataset covering 146,000 individuals in over 140 countries, we construct novel, synthetic indices of the intensity of financial inclusion at the individual and country level. Second, we derive the distribution of individual financial access “scores” across countries to document a “Kuznets”-curve in financial inclusion. Third, cross-country regressions confirm that our measure of inequality in financial access is significantly related to income inequality, above and beyond other factors previously highlighted in the literature.

Finance and Inequality

Mr.Martin Cihak,Ms.Ratna Sahay
Finance and Inequality Book PDF

Author : Mr.Martin Cihak,Ms.Ratna Sahay
Publisher : International Monetary Fund
Page : 50 pages
File Size : 43,5 Mb
Release : 2020-01-17
Category : Business & Economics
ISBN : 9781513526546

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Finance and Inequality by Mr.Martin Cihak,Ms.Ratna Sahay Pdf

The study examines empirical relationships between income inequality and three features of finance: depth (financial sector size relative to the economy), inclusion (access to and use of financial services by individuals and firms), and stability (absence of financial distress). Using new data covering a wide range of countries, the analysis finds that the financial sector can play a role in reducing inequality, complementing redistributive fiscal policy. By expanding the provision of financial services to low-income households and small businesses, it can serve as a powerful lever in helping create a more inclusive society but—if not well managed—it can amplify inequalities.

Causes and Consequences of Income Inequality

Ms. Era Dabla-Norris,Ms. Kalpana Kochhar,Mrs. Nujin Suphaphiphat,Mr. Frantisek Ricka,Evridiki Tsounta
Causes and Consequences of Income Inequality Book PDF

Author : Ms. Era Dabla-Norris,Ms. Kalpana Kochhar,Mrs. Nujin Suphaphiphat,Mr. Frantisek Ricka,Evridiki Tsounta
Publisher : International Monetary Fund
Page : 33 pages
File Size : 47,5 Mb
Release : 2015-06-15
Category : Business & Economics
ISBN : 9781513547435

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Causes and Consequences of Income Inequality by Ms. Era Dabla-Norris,Ms. Kalpana Kochhar,Mrs. Nujin Suphaphiphat,Mr. Frantisek Ricka,Evridiki Tsounta Pdf

This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.

The Promise of Fintech

Ms.Ratna Sahay,Mr.Ulric Eriksson von Allmen,Ms.Amina Lahreche,Purva Khera,Ms.Sumiko Ogawa,Majid Bazarbash,Ms.Kimberly Beaton
The Promise of Fintech Book PDF

Author : Ms.Ratna Sahay,Mr.Ulric Eriksson von Allmen,Ms.Amina Lahreche,Purva Khera,Ms.Sumiko Ogawa,Majid Bazarbash,Ms.Kimberly Beaton
Publisher : International Monetary Fund
Page : 83 pages
File Size : 53,7 Mb
Release : 2020-07-01
Category : Business & Economics
ISBN : 9781513512242

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The Promise of Fintech by Ms.Ratna Sahay,Mr.Ulric Eriksson von Allmen,Ms.Amina Lahreche,Purva Khera,Ms.Sumiko Ogawa,Majid Bazarbash,Ms.Kimberly Beaton Pdf

Technology is changing the landscape of the financial sector, increasing access to financial services in profound ways. These changes have been in motion for several years, affecting nearly all countries in the world. During the COVID-19 pandemic, technology has created new opportunities for digital financial services to accelerate and enhance financial inclusion, amid social distancing and containment measures. At the same time, the risks emerging prior to COVID-19, as digital financial services developed, are becoming even more relevant.

Finance, Growth, and Inequality

Mr. Ross Levine
Finance Growth and Inequality Book PDF

Author : Mr. Ross Levine
Publisher : International Monetary Fund
Page : 80 pages
File Size : 52,5 Mb
Release : 2021-06-11
Category : Business & Economics
ISBN : 9781513583365

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Finance, Growth, and Inequality by Mr. Ross Levine Pdf

Finance and growth emerged as a distinct field of economics during the last three decades as economists integrated the fields of finance and economic growth and then explored the ramifications of the functioning of financial systems on economic growth, income distribution, and poverty. In this paper, I review theoretical and empirical research on the connections between the operation of the financial system and economic growth and inequality. While subject to ample qualifications, the preponderance of evidence suggests that (1) financial development—both the development of banks and stock markets—spurs economic growth and (2) better functioning financial systems foster growth primarily by improving resource allocation and technological change, not by increasing saving rates. Some research also suggests that financial development expands economic opportunities and tightens income distribution, primarily by boosting the incomes of the poor. This work implies that financial development fosters growth by expanding opportunities. Finally, and more tentatively, financial innovation—improvements in the ability of financial systems to ameliorate information and transaction costs—may be necessary for sustaining growth.

Is Digital Financial Inclusion Unlocking Growth?

Purva Khera,Miss Stephanie Y Ng,Ms. Sumiko Ogawa,Ms. Ratna Sahay
Is Digital Financial Inclusion Unlocking Growth Book PDF

Author : Purva Khera,Miss Stephanie Y Ng,Ms. Sumiko Ogawa,Ms. Ratna Sahay
Publisher : International Monetary Fund
Page : 30 pages
File Size : 44,7 Mb
Release : 2021-06-11
Category : Business & Economics
ISBN : 9781513584669

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Is Digital Financial Inclusion Unlocking Growth? by Purva Khera,Miss Stephanie Y Ng,Ms. Sumiko Ogawa,Ms. Ratna Sahay Pdf

Digital financial services have been a key driver of financial inclusion in recent years. While there is evidence that financial inclusion through traditional services has a positive impact on economic growth, do the same results carry over for digital financial inclusion? What drives digital financial inclusion? Why does it advance more in some countries but not in others? Using new indices of financial inclusion developed in Khera et. al. (2021), this paper addresses these questions for 52 developing countries. Using cross-sectional instrument variable procedure, we find that the exogenous component of digital financial inclusion is positively associated with growth in GDP per capita during 2011-2018, which suggests that digital financial inclusion can accelerate economic growth. Fractional logit and random effects empirical estimation identifies access to infrastructure, financial and digital literacy, and quality of institutions as key drivers of digital financial inclusion. These findings are then used to help inform policy recommendations in areas related to the digitization of financial services to promote financial inclusion.

Financial Inclusion: What Have We Learned So Far? What Do We Have to Learn?

Adolfo Barajas,Thorsten Beck,Mohammed Belhaj,Sami Ben Naceur
Financial Inclusion What Have We Learned So Far What Do We Have to Learn Book PDF

Author : Adolfo Barajas,Thorsten Beck,Mohammed Belhaj,Sami Ben Naceur
Publisher : Unknown
Page : 51 pages
File Size : 52,5 Mb
Release : 2020-08-07
Category : Electronic
ISBN : 1513553003

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Financial Inclusion: What Have We Learned So Far? What Do We Have to Learn? by Adolfo Barajas,Thorsten Beck,Mohammed Belhaj,Sami Ben Naceur Pdf

The past two decades have seen a rapid increase in interest in financial inclusion, both from policymakers and researchers. This paper surveys the main findings from the literature, documenting the trends over time and gaps that have arisen across regions, income levels, and gender, among others. It points out that structural, as well as policy-related, factors, such as encouraging banking competition or channeling government payments through bank accounts, play an important role, and describes the potential macro and microeconomic benefits that can be derived from greater financial inclusion. It argues that policy should aim to identify and reduce frictions holding back financial inclusion, rather than targeting specific levels of inclusion. Finally, it suggests areas for future research.

The Global Findex Database 2017

Asli Demirguc-Kunt,Leora Klapper,Dorothe Singer,Saniya Ansar
The Global Findex Database 2017 Book PDF

Author : Asli Demirguc-Kunt,Leora Klapper,Dorothe Singer,Saniya Ansar
Publisher : World Bank Publications
Page : 148 pages
File Size : 49,8 Mb
Release : 2018-04-19
Category : Business & Economics
ISBN : 9781464812682

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The Global Findex Database 2017 by Asli Demirguc-Kunt,Leora Klapper,Dorothe Singer,Saniya Ansar Pdf

In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.

Financial Development in Sub-Saharan Africa

Mr.Montfort Mlachila,Ahmat Jidoud,Ms.Monique Newiak,Bozena Radzewicz-Bak,Ms.Misa Takebe
Financial Development in Sub Saharan Africa Book PDF

Author : Mr.Montfort Mlachila,Ahmat Jidoud,Ms.Monique Newiak,Bozena Radzewicz-Bak,Ms.Misa Takebe
Publisher : International Monetary Fund
Page : 79 pages
File Size : 49,8 Mb
Release : 2016-09-14
Category : Business & Economics
ISBN : 9781475532401

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Financial Development in Sub-Saharan Africa by Mr.Montfort Mlachila,Ahmat Jidoud,Ms.Monique Newiak,Bozena Radzewicz-Bak,Ms.Misa Takebe Pdf

This paper discusses how sub-Saharan Africa’s financial sector developed in the past few decades, compared with other regions. Sub-Saharan African countries have made substantial progress in financial development over the past decade, but there is still considerable scope for further development, especially compared with other regions. Indeed, until a decade or so ago, the level of financial development in a large number of sub-Saharan African countries had actually regressed relative to the early 1980s. With the exception of the region’s middle-income countries, both financial market depth and institutional development are lower than in other developing regions. The region has led the world in innovative financial services based on mobile telephony, but there remains scope to increase financial inclusion further. The development of mobile telephone-based systems has helped to incorporate a large share of the population into the financial system, especially in East Africa. Pan-African banks have been a driver for homegrown financial development, but they also bring a number of challenges.

Global Financial Development Report 2014

World Bank Group
Global Financial Development Report 2014 Book PDF

Author : World Bank Group
Publisher : World Bank Publications
Page : 226 pages
File Size : 46,8 Mb
Release : 2013-11-07
Category : Business & Economics
ISBN : 9780821399859

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Global Financial Development Report 2014 by World Bank Group Pdf

The second issue in a new series, Global Financial Development Report 2014 takes a step back and re-examines financial inclusion from the perspective of new global datasets and new evidence. It builds on a critical mass of new research and operational work produced by World Bank Group staff as well as outside researchers and contributors.

Links Between Growth, Inequality, and Poverty: A Survey

Ms. Valerie Cerra,Mr. Ruy Lama,Norman Loayza
Links Between Growth Inequality and Poverty A Survey Book PDF

Author : Ms. Valerie Cerra,Mr. Ruy Lama,Norman Loayza
Publisher : International Monetary Fund
Page : 54 pages
File Size : 44,6 Mb
Release : 2021-03-12
Category : Business & Economics
ISBN : 9781513572666

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Links Between Growth, Inequality, and Poverty: A Survey by Ms. Valerie Cerra,Mr. Ruy Lama,Norman Loayza Pdf

Is there a tradeoff between raising growth and reducing inequality and poverty? This paper reviews the theoretical and empirical literature on the complex links between growth, inequality, and poverty, with causation going in both directions. The evidence suggests that growth can be effective in reducing poverty, but its impact on inequality is ambiguous and depends on the underlying sources of growth. The impact of poverty and inequality on growth is likewise ambiguous, as several channels mediate the relationship. But most plausible mechanisms suggest that poverty and inequality reduce growth, at least in the long run. Policies play a role in shaping these relationships and those designed to improve equality of opportunity can simultaneously improve inclusiveness and growth.

Zambia

International Monetary Fund. African Dept.
Zambia Book PDF

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 32 pages
File Size : 41,5 Mb
Release : 2015-06-16
Category : Business & Economics
ISBN : 9781513556253

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Zambia by International Monetary Fund. African Dept. Pdf

This Selected Issues paper presents an analysis of change in Zambia’s mining fiscal regime. Foreign investment has revived Zambia’s mining sector. However, its mining sector’s direct contribution to government revenues has been low. Reflecting persistent concerns about the low contribution of the mining sector to budget revenues, the government has amended the fiscal regime many times over the last seven years. The 2015 budget introduced major changes to the mining fiscal regime. The authorities estimate that the change would boost budget revenues from the mining sector by about 1 percent of GDP, based on an assumption that the change would have no adverse impact on production.