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Financial Inclusion: Can it Meet Multiple Macroeconomic Goals?

Author

Listed:
  • Ms. Ratna Sahay
  • Mr. Martin Cihak
  • Mr. Papa M N'Diaye
  • Mr. Adolfo Barajas
  • Ms. Srobona Mitra
  • Ms. Annette J Kyobe
  • Yen N Mooi
  • Mr. Seyed Reza Yousefi

Abstract

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.

Suggested Citation

  • Ms. Ratna Sahay & Mr. Martin Cihak & Mr. Papa M N'Diaye & Mr. Adolfo Barajas & Ms. Srobona Mitra & Ms. Annette J Kyobe & Yen N Mooi & Mr. Seyed Reza Yousefi, 2015. "Financial Inclusion: Can it Meet Multiple Macroeconomic Goals?," IMF Staff Discussion Notes 2015/017, International Monetary Fund.
    • Handle: RePEc:imf:imfsdn:2015/017
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