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Financial Inclusion: Can it Meet Multiple Macroeconomic Goals?
Open accessAbstract
Using several recently available global datasets, this Staff Discussion Note examines macroeconomic effects of financial inclusion. It finds significant benefits to economic growth from financial inclusion, but the benefits diminish as financial inclusion and depth become large. Broadening access to credit can compromise economic and bank stability in countries with weak bank supervision. Other forms of financial inclusion—such as access to and use of bank accounts, branches, and ATMs—do not hurt stability, and can be promoted extensively. The note finds that gaps in financial inclusion are associated with economic inequality, but the association appears relatively weak.
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“Sahay et al. (2015) found a positive bell-shaped relationship between financial depth and economic growth, suggesting that there is a threshold where the returns to growth fall as financial depth increases.”
From Financial Inclusion and Economic Growth in Sub-Saharan Africa—A Panel ARDL and Granger Non-Causality Approach (2023) · cites this paper as Sahay et al. (2015)
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Research works printed but not linked: 2
- Ms. Ratna Sahay, Mr. Martin Cihak, Mr. Papa M N'Diaye, Mr. Adolfo Barajas, Ms. Srobona Mitra, Ms. Annette J Kyobe, Miss Yen N Mooi, Mr. Seyed Reza Yousefi, Financial Inclusion, 2015, 33, 2015 · DOI
- Ms. Ratna Sahay, Mr. Martin Cihak, Mr. Papa M N'Diaye, Mr. Adolfo Barajas, Ms. Srobona Mitra, Ms. Annette J Kyobe, Miss Yen N Mooi, Mr. Seyed Reza Yousefi, Front Matter, 2015, 2015 · DOI
Cited by
Sorted by citations
Financial Inclusion and Economic Growth
Makina, D., & Walle, Y. M. (2019) · Extending Financial Inclusion in Africa · doi:10.1016/b978-0-12-814164-9.00009-8 · Cited by 67
Jima, M. D., & Makoni, P. L. (2023) · Journal of Risk and Financial Management · doi:10.3390/jrfm16060299 · Cited by 39
Financial inclusion, bank competition and economic growth in Africa
Chinoda, T., & Mashamba, T. (2021) · Journal of Economic and Financial Sciences · doi:10.4102/jef.v14i1.649 · Cited by 17
“This theory contends that financial services demand increases as the economy grows following the demand from economic agents such as investors (Sahay et al. 2015).”
Background
Metadata
- Authors
- Sahay, R., Cihak, M., N'Diaye, P., Barajas, A., Mitra, S., Kyobe, A., Mooi, Y., & Yousefi, S. R.
- Affiliations
- International Monetary Fund (US)
- Venue
- Staff Discussion Notes
- Publisher
- International Monetary Fund (IMF)
- Published
- 2015-09
- Volume
- 2015
- Issue
- 017
- Pages
- 1
- ISSN
- 2221-030X (ISSN-L)
- 2617-6750
- OpenAlex
- W2280469666
- Cited by
- 424
- References
- 0
- Citations by year
- 2026: 46 · 2025: 48 · 2024: 57 · 2023: 47 · 2022: 51 · 2021: 48 · 2020: 42 · 2019: 23 · 2018: 27 · 2017: 21 · 2016: 12 · 2015: 2
- FWCI
- 49.91
- Type
- journal article
- Language
- en
- Open access
- bronze
- doi.org
- Locations
- IMF staff discussion note (publishedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Microfinance and Financial Inclusion
- Social Sciences › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Growth and Development
- Keywords
- financial inclusion, economic growth, bank stability, banking supervision, access to credit, bank account access, economic inequality, macroeconomic effects
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