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Measuring financial inclusion: An Axiomatic approach

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  • Satya R. Chakravarty

    () (Indian Statistical Institute, Kolkata)

  • Rupayan Pal

    () (Indira Gandhi Institute of Development Research)

Abstract

This paper clearly demonstrates that the axiomatic measurement approach developed in the human development literature can be usefully applied to the measurement of financial inclusion. A conceptual framework for aggregating data on financial services in different dimensions is developed. The suggested index of financial inclusion allows calculation of percentage contributions of different dimensions to the overall achievement. This in turn enables us to identify the dimensions of inclusion that are more/less susceptible to overall inclusion and hence to isolate the dimensions that deserve attention from a policy perspective. The paper also illustrates the index using cross-country and sub-national level data.

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File URL: http://www.igidr.ac.in/pdf/publication/WP-2010-003.pdf
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Bibliographic Info

Paper provided by Indira Gandhi Institute of Development Research, Mumbai, India in its series Indira Gandhi Institute of Development Research, Mumbai Working Papers with number 2010-03.

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Length: 38 pages
Date of creation: Mar 2010
Date of revision:
Handle: RePEc:ind:igiwpp:2010-03

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Keywords: Financial inclusion; axioms; index; policy; application;

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  1. Patrick Honohan, 2004. "Financial development, growth, and poverty: how close are the links?," Policy Research Working Paper Series 3203, The World Bank.
  2. Galor, Oded & Zeira, Joseph, 1993. "Income Distribution and Macroeconomics," Review of Economic Studies, Wiley Blackwell, vol. 60(1), pages 35-52, January.
  3. Kakwani, N., 1993. "Performance in living standards : An international comparison," Journal of Development Economics, Elsevier, vol. 41(2), pages 307-336, August.
  4. Klapper, Leora & Laeven, Luc & Rajan, Raghuram G, 2004. "Business Environment and Firm Entry: Evidence from International Data," CEPR Discussion Papers 4366, C.E.P.R. Discussion Papers.
  5. Satya R. Chakravarty, 2003. "A Generalized Human Development Index," Review of Development Economics, Wiley Blackwell, vol. 7(1), pages 99-114, February.
  6. Beck, H.T.L. & Demirgüç-Kunt , A. & Peria, M.M, 2007. "Reaching out: Access to and use of banking services across countries," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125425, Tilburg University.
  7. Majumder, Amita & Chakravarty, Satya R., 1996. "Achievement and improvement in living standards," Journal of Development Economics, Elsevier, vol. 50(1), pages 189-195, June.
  8. Ross Levine, 2004. "Finance and Growth: Theory and Evidence," NBER Working Papers 10766, National Bureau of Economic Research, Inc.
  9. Demirgüç-Kunt, A. & Beck, T.H.L. & Honohan, P., 2008. "Finance for all?: Policies and pitfalls in expanding access," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3508393, Tilburg University.
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