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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Mots clés AGROVOC

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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D'autres materias

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

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anglais

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Cette notice bibliographique a été fournie par World Bank

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

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

2006

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