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Financial inclusion from the perspective of social innovation: The case of Colombia

Author

Listed:
  • Maria Luisa Jaramillo Gomez

    (Universidad de La Sabana)

  • Alvaro Turriago Hoyos

    (Universidad de La Sabana)

  • Ulf Thoene

    (Universidad de La Sabana)

Abstract

Financial inclusion has become a crucially important factor in debates on economic inequality posing challenges to the financial systems of countries around the world. Nowadays governments and banks are concerned about creating products that allow access to wide sectors of the population. The creation of banking products by the financial sector for people with low incomes tends to lead to improvements in the quality of life of vulnerable parts of the population. In countries with notable social and economic inequalities financial inclusion is a key aspect for equitable economic growth. This study is based on the case of Colombia, which is a country with a strong record of economic growth over the past decade. Nevertheless, corruption, unemployment, and poverty contribute to uncertainty regarding the country?s future growth prospects. This study wants to explain the situation of financial exclusion and financial inclusion with respect to the Colombian case. Financial inclusion is going to be studied from the perspective of social innovation.

Suggested Citation

  • Maria Luisa Jaramillo Gomez & Alvaro Turriago Hoyos & Ulf Thoene, 2015. "Financial inclusion from the perspective of social innovation: The case of Colombia," Proceedings of Business and Management Conferences 3104801, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:ibmpro:3104801
    as

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    References listed on IDEAS

    as
    1. Alfred Hannig & Stefan Jansen, 2010. "Financial Inclusion and Financial Stability : Current Policy Issues," Finance Working Papers 23124, East Asian Bureau of Economic Research.
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    3. Santiago Carbo & Edward P. M. Gardener & Philip Molyneux, 2007. "Financial Exclusion in Europe," Public Money & Management, Taylor & Francis Journals, vol. 27(1), pages 21-27, February.
    4. Hannig, Alfred & Jansen, Stefan, 2010. "Financial Inclusion and Financial Stability: Current Policy Issues," ADBI Working Papers 259, Asian Development Bank Institute.
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    6. Héctor Cuasquer & René Maldonado, 2011. "Microfinanzas y microcrédito en Latinoamérica," Boletín, CEMLA, vol. 0(4), pages 179-193, Octubre-d.
    7. Michael Chibba, 2009. "Financial Inclusion, Poverty Reduction and the Millennium Development Goals," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 21(2), pages 213-230, April.
    8. World Bank, 2014. "Global Financial Development Report 2014 : Financial Inclusion," World Bank Publications - Books, The World Bank Group, number 16238, December.
    9. Marie Bouchard, 2012. "Social innovation, an analytical grid for understanding the social economy: the example of the Québec housing sector," Service Business, Springer;Pan-Pacific Business Association, vol. 6(1), pages 47-59, March.
    10. Ms. Izabela Karpowicz, 2014. "Financial Inclusion, Growth and Inequality: A Model Application to Colombia," IMF Working Papers 2014/166, International Monetary Fund.
    11. J Neill Marshall, 2004. "Financial Institutions in Disadvantaged Areas: A Comparative Analysis of Policies Encouraging Financial Inclusion in Britain and the United States," Environment and Planning A, , vol. 36(2), pages 241-261, February.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Colombia; financial exclusion; financial inclusion; social innovation.;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General

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