CoChat
Sign Up
Cited by 796Microfinance and Financial InclusionEconomic Growth and DevelopmentFinancial Literacy, Pension, Retirement Analysis

The DOI matches its Crossref record.

Financial Inclusion and Inclusive Growth: A Review of Recent Empirical Evidence

Open access
Demirguc-Kunt, Asli, Klapper, Leora, Singer, Dorothe·2017·World Bank, Washington, DC eBooks
DOI 10.1596/1813-9450-8040
Open this paper in CoChat — free account

Abstract

There is growing evidence that appropriate financial services have substantial benefits for consumers, especially women and poor adults. This paper provides an overview of financial inclusion around the world and reviews the recent empirical evidence on how the use of financial products -- such as payments services, savings accounts, loans, and insurance -- can contribute to inclusive growth and economic development. This paper also discusses some of the challenges to achieving greater financial inclusion and directions for future research.

Overview

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Integrity signals

Registry

Crossref · 10.1596/1813-9450-8040

Cites

Statistics

Verification

Claims the paper makes

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Claims other papers make about this one

Each is checked against this paper’s own text: does it say what the citing paper says it does?

  • Bank accounts held in formal financial institutions allow households and businesses to store, send, and receive money safely and at a low cost.

    “Bank accounts held in formal financial institutions-such as a commercial bank, credit union, microfinance institution (MFI), or mobile money service provider-allow households and businesses to store, send, and receive money safely and at a low cost (Demirgüç-Kunt et al. 2017; Mehrotra and Yetman 2015).”

    From Financial Inclusion and Economic Growth in Sub-Saharan Africa—A Panel ARDL and Granger Non-Causality Approach (2023) · cites this paper as Demirgüç-Kunt et al. 2017

Self-check

Percentages, sums and reported differences re-computed from the paper’s own numbers.

The self-check needs the paper’s full text.

Citations

Cites

No references could be resolved yet.

Research works printed but not linked: 36

  1. Allen, F., A. Demirguc-Kunt, L. Klapper, M.S. Martinez-Peria, 2016. "The Foundations of Financial Inclusion." Journal of Financial Intermediation , forthcoming.
  2. Angelucci, M., D. Karlan, and J. Zinman. 2015. "Microcredit Impacts: Evidence from a Randomized Microcredit Program Placement Experiment by Compartamos Banco," American Economic Journal: Applied Economics , 7(1): 151-82.
  3. Ashraf, N., D. Karlan, and W. Yin, 2010. 'Female Empowerment: Further Evidence from a Commitment Savings Product in the Philippines.' World Development 28(3): 333-44.
  4. Attanasio, O., B. Augsburg, R. de Haas, E. Fitzsimons, and H. Harmgart. 2015. "The Impacts of Microfinance: Evidence from Joint-Liability Lending in Mongolia." American Economic Journal: Applied Economics , 7(1): 90-122.
  5. Augsburg, B., R. de Haas, H. Harmgart, and C. Meghir. 2015. "The Impacts of Microcredit: Evidence from Bosnia and Herzegovina." American Economic Journal: Applied Economics , 7(1): 183-203.
  6. Banerjee, A., E. Duflo, R. Glennerster and C. Kinnan. 2015a. "The Miracle of Microfinance? Evidence from a Randomized Evaluation." American Economic Journal: Applied Economics , 7(1): 22-53.
  7. Banerjee, A. D. Karlan,, and J. Zinman. 2015b. 'Six Randomized Evaluations of Microcredit: Introduction and Further Steps.' Americam Economic Journal: Applied Economics, 7(1): 1-21.
  8. Beck, T., A. Demirguc-Kunt, and R. Levine. 2007. 'Finance, Inequality, and the Poor.' Journal of Economic Growth 12 (1): 27-49.
  9. Beck, T., R. Levine, and N. Loayza. 2000. 'Finance and the Sources of Growth.' Journal of Financial Economics 58 (1): 261-300.
  10. Bruhn, M. and I. Love, 2014. 'The Real Impact of Improved Access to Finance: Evidence from Mexico.' Journal of Finance , 69:3, 1347-1376.
  11. Burgess, R. and R. Pande. 2005. 'Do Rural Banks Matter? Evidence from the Indian Social Banking Experiment.' American Economic Review , 95, 780-95.
  12. Cai, H., Y. Chen, H. Fang, and L. Zhou. 2015. 'The effect of microinsurance on economic activities: Evidence from a randomized natural field experiment.' Review of Economics and Statistics, 97, 287-300.
  13. Cai, J. 2016. 'The Impact of Insurance Provision on Household Production and Financial Decisions.' American Economic Journal: Economic Policy, 8:2, 44-88.
  14. Clarke, G., C. Xu, and H. Zou. 2006. 'Finance and Inequality: What Do the Data Tell Us?' Southern Economic Journal 72 (3): 578-96.
  15. Collins, D., J. Morduch, S. Rutherford, and O. Ruthven. 2009. Portfolios of the Poor: How the World's Poor Live on $2 a Day . Princeton University Press.
  16. Crépon, Bruno, Florencia Devoto, Esther Duflo, and William Parienté. 2015. "Estimating the Impact of Microcredit on Those Who Take It Up: Evidence from a Randomized Experiment in Morocco." American Economic Journal: Applied Economics , 7(1): 12350.
  17. Demirguc-Kunt, A., and R. Levine. 2009. 'Finance and Inequality: Theory and Evidence.' Annual Review of Financial Economics 1: 287-318.
  18. Dercon, S. and L. Christiaensen, 2011. 'Consumption risk, technology adoption and poverty traps: Evidence from Ethiopia.' Journal of Development Economics , 96:2, 159-173.
  19. Duflo, E., 2012. 'Women Empowerment and Economic Development.' Journal of Economic Literature 50(4), pp. 1051-1079.
  20. Dupas, P., and J. Robinson, 2013a. 'Savings Constraints and Microenterprise Development: Evidence from a Field Experiment in Kenya.' American Economic Journal: Applied Economics , 5, 163-92.
  21. Dupas, P., and J. Robinson, 2013b. 'Why Don't the Poor Save More? Evidence from Health Savings Experiments.' American Economic Review , 103, 1138-71
  22. King, R. G., and R. Levine. 1993. 'Finance and Growth: Schumpeter Might Be Right.' Quarterly Journal of Economics 108 (3): 717-37.
  23. Kaboski, J. P. and R. M. Townsend. 2012. 'The impact of credit on village economies.' American Economic Journal: Applied Economics, 4(2), 98-133.
  24. Karlan, D. and J. Morduch, 2010. 'Access to Finance,' in Handbook of Development Economics, Volume 5, Elsevier.
  25. Karlan, D., and J. Zinman, 2010. 'Expanding Credit Access: Using Randomized Supply Decisions to Estimate the Impacts.' Review of Financial Studies , 23: 433-64.
  26. Karlan, D., A.L. Ratan, and J. Zinman, 2014a. 'Savings By and For the Poor: A Research Review and Agenda.' Review of Income and Wealth 60:1, 36-78.
  27. Karlan, D., R. Osei, I. Osei-Akoto, and C. Udry, 2014b. 'Agricultural Decisions after Relaxing Credit and Risk Constraints.' The Quarterly Journal of Economics, Vol. 129, No. 2 , 597652.
  28. Morduch, J. 1999. 'The Microfinance Promise.' Journal of Economic Literature, XXXVII: 1569-1614.
  29. Pitt, M. M. 2014. Response to 'The Impact of Microcredit on the Poor in Bangladesh: Revisiting the Evidence.' Journal of Development Studies , 50:4, 605-610.
  30. Pitt, M. M. and S. R. Khandker. 1998. 'The impact of group-based credit programs on poor households in Bangladesh: Does the gender of participants matter?' Journal of Political Economy , 106:9, 58-96.
  31. Prina, S., 2015. 'Banking the poor via savings accounts: Evidence from a field experiment.' Journal of Development Economics , 115, 16-31.
  32. Rosenzweig, M., Binswanger, H., 1993. 'Wealth, weather risk and the composition and profitability of agricultural investments.' Economic Journal , 103:416, 56-78.
  33. Roodman, D. and J. Morduch. 2014. 'The Impact of Microcredit on the Poor in Bangladesh: Revisiting the Evidence' Journal of Development Studies , 50:4, 583-604.
  34. Tarozzi, A., J. Desai and K. Johnson. 2015. 'The Impacts of Microcredit: Evidence from Ethiopia.' American Economic Journal: Applied Economics , 7:1, 54-89.
  35. Turner, M. P. Walker, C. Sukanya, and R. Varghese, 2012. 'A New Pathway to Financial Inclusion: Alternative Data, Credit Building, and Responsible Lending in the Wake of the Great Recession.' PERC Press.
  36. Turner, M. and R. Varghese, 2010. 'The Economic Consequences of Consumer Credit Information Sharing: Efficiency, Inclusion, and Privacy.' PERC Press.

Cited by

Sorted by citations

Metadata

Authors
Demirguc-Kunt, A., Klapper, L., & Singer, D.
ORCID
Klapper, Leora
Venue
World Bank, Washington, DC eBooks
Publisher
World Bank, Washington, DC
Published
2017-04
DOI
10.1596/1813-9450-8040
OpenAlex
W2608595774
Cited by
796
References
0
Citations by year
2026: 70 · 2025: 129 · 2024: 122 · 2023: 148 · 2022: 106 · 2021: 77 · 2020: 82 · 2019: 32 · 2018: 16 · 2017: 3
Type
report
Language
en
Open access
Licence
cc-by
Locations
  • World Bank, Washington, DC eBooks (publishedVersion, cc-by)
  • RePEc: Research Papers in Economics (submittedVersion)
  • The World Bank Open Knowledge Repository (World Bank) (submittedVersion, cc-by)
Topics
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Microfinance and Financial Inclusion
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Growth and Development
  • Social Sciences › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
Keywords
financial inclusion, inclusive growth, financial services, savings accounts, loans, insurance, women, poverty, economic development, barriers to financial inclusion

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review