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Central Banks And Financial Inclusion

Author

Listed:
  • Peter J. Morgan

    (Asian Development Bank Institute)

Abstract

Central banks can address barriers to financial inclusion in multiple ways, including regulations regarding banks and non-bank institutions, identity and know-your-client (KYC) rules, support for innovative financial products, and support for innovative financial technology (fintech). At the same time, central banks must weigh the trade-offs between financial inclusion, financial innovation and financial stability. The present paper contains a survey the policies of central banks and other financial regulators in a number of emerging Asian economies to promote financial inclusion. It serves to identify successful experiences and important lessons, and it provides a review of policies central banks adopted during the COVID-19 pandemic.

Suggested Citation

  • Peter J. Morgan, 2022. "Central Banks And Financial Inclusion," Asia-Pacific Sustainable Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 29(1), pages 67-101, May.
    • Handle: RePEc:unt:japsdj:v:29:y:2022:i:1:p:67-101
    as

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    File URL: https://www.unescap.org/sites/default/d8files/2022-06/APSDJ%20Vol.%2029%2C%20No.%201%2C%20May%202022-pp67-101_Rev.pdf
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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.
    2. Peter J. Morgan & Victor Pontines, 2014. "Financial Stability and Financial Inclusion," Microeconomics Working Papers 24278, East Asian Bureau of Economic Research.
    3. Asli Demirguc-Kunt & Leora Klapper, 2013. "Measuring Financial Inclusion: Explaining Variation in Use of Financial Services across and within Countries," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 44(1 (Spring), pages 279-340.
    4. Naoyuki Yoshino & Flore-Anne Messy & Peter J Morgan (ed.), 2016. "Promoting Better Lifetime Planning Through Financial Education," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 9895, January.
    5. Adele Atkinson & Flore-Anne Messy, 2013. "Promoting Financial Inclusion through Financial Education: OECD/INFE Evidence, Policies and Practice," OECD Working Papers on Finance, Insurance and Private Pensions 34, OECD Publishing.
    6. Asli Demirguc-Kunt & Leora Klapper, 2013. "Measuring Financial Inclusion: Explaining Variation in Use of Financial Services across and within Countries," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 46(1 (Spring), pages 279-340.
    7. Hannig, Alfred & Jansen, Stefan, 2010. "Financial Inclusion and Financial Stability: Current Policy Issues," ADBI Working Papers 259, Asian Development Bank Institute.
    8. Yoshino, Naoyuki & Morgan, Peter & Wignaraja, Ganeshan, 2015. "Financial Education in Asia: Assessment and Recommendations," ADBI Working Papers 534, Asian Development Bank Institute.
    9. Adasme, Osvaldo & Majnoni, Giovanni & Uribe, Myriam, 2006. "Access and risk - friends or foes? Lessons from Chile," Policy Research Working Paper Series 4003, The World Bank.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    financial inclusion; central banks; financial regulation; payments systems; small and medium-sized enterprises; financial education; fintech;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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