Access to Financial Services : A Review of the Issues and Public Policy Objectives

Claessens, Stijn

Access to Financial Services : A Review of the Issues and Public Policy Objectives

2006

Claessens, Stijn

This article reviews the evidence on the importance of finance for economic well-being. It provides data on the use of basic financial services by households and firms across a sample of countries, assesses the desirability of universal access, and provides an overview of the macroeconomic, legal, and regulatory obstacles to access. Despite the benefits of finance, the data show that use of financial services is far from universal in many countries, especially developing countries. Universal access to financial services has not been a public policy objective in most countries and would likely be difficult to achieve. Countries can, however, facilitate access to financial services by strengthening institutional infrastructure, liberalizing markets and facilitating greater competition, and encouraging innovative use of know-how and technology. Government interventions to directly broaden access to finance, however, are costly and fraught with risks, among others the risk of missing the targeted groups. The article concludes with recommendations for global actions aimed at improving data on access and use and suggestions on areas of further analysis to identify constraints to broadening access.

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banking systems banks barter commercial banks cooperatives crop insurance debt discrimination economic development economic growth entrepreneurs exchange rate facilitation financial institutions fixed costs government intervention households illiteracy indebtedness information infrastructure information systems interest rates international bank microfinance nonprofit organizations outreach overhead costs privatization profitability property rights real estate remittances repayment risk mitigation savings savings banks small enterprises social security start-up stock market transaction costs urban areas working capital

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Capital adequacy; Private savings; Savings accounts; Banking crises; Moneylenders; Financial intermediation; Small borrowers; Repayment capacity; Financial exclusion; Banking services; Payment services; Credit information; Credit lines; Deposit accounts; Small businesses; Financial service providers; Expenditures; Financial markets; Bank branch; Financial service; International finance; Access to payments; Trade credit; Access to bank accounts; Deposits; Advanced technology; Greater access; Financial sector development; Income groups; Postal savings; Credit extension; Private credit; Access to financing; Lenders; Administrative burdens; Electronic transfer accounts; Mutual funds; External finance; Finances; Loan applications; Borrowing; Exclusion; Small business administration; Growth opportunities; Start-up costs; Chambers of commerce; Bank services; Payments services; Access to international markets; Electronic deposits; Institutional capacity; Consumer finance; Capital markets; Credit requirements; Information sharing; Savings bank account; Equity finance; Benefits of access; Employers; Formal financial service; Credit unions; Moral hazard; Electronic transfer account; Credit bureau; Savings bank; High interest rates; Access to finance; Insurance services; Informal financial institution; Commercial bank; Depositors; Financing obstacles; Credit associations; E-finance; Volatile income; Financial literacy; Electronic payments; Provision of access; Formal financial institution; Usury laws; Securities; Electronic transfer; Inequality; Account owners; Credit information bureaus; Credit access; Minimum balances; Retail banks; Financial depth; Forms of credit; Stock markets; E-bank; Financial products; Financial system development; Borrower; Credit history; Consumer credit; Government interventions; Barriers to growth; Social commitment; Formal bank; Federal reserve; Small business; Financial system; Home ownership; Rates of return; Access to financial services; Public policy; Absence of credit; Social exclusion; Housing finance; Access to credit; Creditworthiness; Credit union; Pawnshops; Credit scoring; Investment opportunities; Credit bureaus; Financial intermediaries; Public banks; Interest rate; Federal benefits; Literacy requirements; Poor borrowers; Net worth; Small bank; Multinationals; Lending requirements; Finance companies; Bank account; Loanable funds; Electronic transfers; Credit constraints; Loan; Credit analysis; Bank access; Financial development; Savings account; Postal banks; Financial reform; Access barriers; Informal finance; Community reinvestment; Development bank; Enterprise credit; Lender; Information asymmetries; Banking system; Lack of access; Collateral; Financial systems; Economies of scale; Postal bank; Profitable banking; Formal financial services; Financial services providers; Universal access; Agricultural bank; Installments; Banking relationship; Smart cards; Bad credit; Capital requirements; Deposit; Formal financial institutions; Usury; Microfinance institutions; Proximity banks; Savings product; External financing; Savings services

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http://hdl.handle.net/10986/16428

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