A growing number of policymakers see financial inclusion—greater access to financial services throughout a country’s population—as a way to promote and make economic development work for society. More than 60 countries have adopted national financial inclusion targets and strategies. Opening bank accounts for all in India and encouraging mobile payments platforms in Peru are just two examples. Evidence for individuals and firms suggests that greater access to financial services indeed makes a difference in investment, food security, health outcomes, and other aspects of daily life. Our study looks at the benefits to the economy as a whole.
Filed under: Advanced Economies, Economic research, Emerging Markets, Finance, Financial regulation, Fiscal policy, growth, IMF | Tagged: banks, economic growth, finance, financial inclusion, growth, India, inequality, infrastructure, Middle East, Peru, United States, women | Leave a comment »