Determinants and evolution of financial inclusion in Latin America: A demand side analysis

IF 3.2 Q1 BUSINESS, FINANCE Quantitative Finance and Economics Pub Date : 2023-01-01 DOI:10.3934/qfe.2023010
S. Orazi, L. Martinez, H. Vigier
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Abstract

The benefits of financial inclusion could be particularly important in Latin America, where the levels of ownership and use of different instruments lag behind those of developed countries. An improvement in the ownership and use of formal financial instruments could result in a reduction in informality, the promotion of formal savings and productive credit, and, therefore, an inclusive economic growth. The objective of this paper is to analyze the financial inclusion of a group of Latin American countries in order to detect the most used financial instruments and the main socioeconomic determinants that explain their ownership or use. At the same time, the evolution of the main variables was also studied for the years 2011, 2014, 2017 and 2021. Micro-data from the Global Findex database was examined (except for 2021, in which only macro-data are available). Statistical models and multivariate econometrics are applied to understand the individual socioeconomic characteristics of people who are still very unlikely to own and use formal financial instruments. Finally, the main reasons for not having an account were analyzed in order to delve into the main restrictions on which the financial market must focus to achieve greater financial inclusion.
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拉丁美洲普惠金融的决定因素与演变:需求侧分析
普惠金融的好处在拉丁美洲可能尤其重要,因为拉丁美洲不同金融工具的拥有率和使用率都落后于发达国家。改善正规金融工具的所有权和使用情况,可以减少非正规行为,促进正规储蓄和生产性信贷,从而实现包容性经济增长。本文的目的是分析一组拉丁美洲国家的金融包容性,以发现最常用的金融工具和解释其所有权或使用的主要社会经济决定因素。同时,对2011年、2014年、2017年和2021年主要变量的演变进行了研究。研究了全球Findex数据库中的微观数据(除了2021年,其中只有宏观数据可用)。统计模型和多元计量经济学应用于了解个人社会经济特征的人仍然不太可能拥有和使用正式的金融工具。最后,分析了没有账户的主要原因,以便深入研究金融市场必须关注的主要限制,以实现更大的金融包容性。
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来源期刊
CiteScore
0.30
自引率
1.90%
发文量
14
审稿时长
12 weeks
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