Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality.
Material type:
TextSeries: IMF Working PapersPublication details: Washington : International Monetary Fund, 2015.Description: 1 online resource (50 pages)Content type: - text
- computer
- online resource
- 9781475585919
- 1475585918
- Financial services industry -- Developing countries -- Econometric models
- Income distribution -- Developing countries -- Econometric models
- Gross domestic product -- Developing countries -- Econometric models
- Computable general equilibrium models
- Developing countries -- Economic policy -- Econometric models
- Modèles d'équilibre général calculable
- BUSINESS & ECONOMICS -- Public Finance
- Computable general equilibrium models
- Economic policy -- Econometric models
- Financial services industry -- Econometric models
- Gross domestic product -- Econometric models
- Income distribution -- Econometric models
- Developing countries
- 336.46
- HG186.S6 .D384 2015
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Print version record.
Cover; Contents; 1. Introduction; 2. Literature Review; 3. The Model; 3.1 Individuals; 3.1.1 Savings Regime; 3.1.2 Credit Regime; 3.1.3 Occupational Choice; FIGURES; 1. Lending Interest Rate, Monitoring Frequency, Cost of Capital, and Leverage Ratio; 2. The Occupation Choice Map in the Two Regimes; 3.2 Competitive Equilibrium; 4. Data and Calibration; TABLES; 1. Overview of the Data; 2. Data, Model and Calibrated Parameters; 5. Evaluation of Policy Options; 5.1 Reducing the Participation Cost; 5.2 Relaxing Collateral Constraints.
3. Comparative Statics: Credit Participation Cost-Low-Income Countries4. Comparative Statics: Credit Participation Cost-Emerging Market Countries; 5.3 Increasing Intermediation Efficiency; 5. Comparative Statics: Collateral Constraint-Low-Income Countries; 6. Comparative Statics: Collateral Constraint-Emerging Market Countries; 5.4 Interactions Among Three Financial Parameters; 7. Comparative Statics: Intermediation Cost-Low-Income Countries; 8. Comparative Statics: Intermediation Cost-Emerging Market Countries.
9. The Increase in Relative GDP per Capita When the Borrowing Constraint is Relaxed by 20% for Different Financial Participation Costs and Intermediation Costs5.5 Impact on GDP and Inequality: A Numerical Comparison; 5.6 Welfare Analysis; 3. The Impact of Financial Deepening of Various Forms of GDP per Capita, TFP and Income Inequality; 4. The Impact of Financial Deepening of Various Forms of GDP per Capita, TFP and Income Inequality; 10. The Impact of Financial Deepening on Welfare Redistribution; 6. Conclusion; REFERENCE.
We develop a micro-founded general equilibrium model with heterogeneous agents to identify pertinentconstraints to financial inclusion. We evaluate quantitatively the policy impacts of relaxing each of theseconstraints separately, and in combination, on GDP and inequality. We focus on three dimensions of financialinclusion: access (determined by the size of participation costs), depth (determined by the size of collateralconstraints resulting from limited commitment), and intermediation efficiency (determined by the size ofinterest rate spreads and default possibilities due to costly monitorin.
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