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

By Adolfo Barajas, Thorsten Beck, Mohammed Belhaj, Sami Ben Naceur

August 7, 2020

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Adolfo Barajas, Thorsten Beck, Mohammed Belhaj, and Sami Ben Naceur. Financial Inclusion: What Have We Learned So Far? What Do We Have to Learn?, (USA: International Monetary Fund, 2020) accessed November 20, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

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.

Subject: Banking, Credit, Financial inclusion, Financial markets, Financial sector development, Financial services, Mobile banking, Money, Technology

Keywords: Bank account, Comparative advantage, Credit, Credit market, Economic growth, Economic Growth, External finance, Financial activity, Financial Development, Financial Frictions, Financial Inclusion, Financial sector development, Financial system, Fintech, Firm owner, Firms' use, Fixed cost, Global, Household enterprise, Income Inequality, Incorporated firm, Loan officer, Mobile banking, Private sector, WP

Publication Details

Pages:

51
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2020/157
Stock No:

WPIEA2020157
ISBN:

9781513553009
ISSN:

1018-5941

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