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Universalizing Complete Access to Finance : Key Conceptual Issues

Author

Listed:
  • Suyash Rai

    (Asian Development Bank Institute)

  • Bindu Ananth
  • Nachiket Mor

Abstract

In this paper, we present two stylized models of the financial system. We make the case that in order to realize the potential of a well-functioning complete financial market, financial system designers and financial service providers will need to think about ways to deliver financial propositions that are customized to individual households by responding to their unique circumstances. This will entail the presence of proximate, well-trained providers that intermediate between the customer and those large product manufacturers whose goal is financial well being and not merely product sales. These providers would need to use expertise in financial advice or wealth management to develop integrated financial propositions for clients. We also highlight some of the important debates that arise in making this stylized financial system a reality.

Suggested Citation

  • Suyash Rai & Bindu Ananth & Nachiket Mor, 2010. "Universalizing Complete Access to Finance : Key Conceptual Issues," Finance Working Papers 23126, East Asian Bureau of Economic Research.
  • Handle: RePEc:eab:financ:23126
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    File URL: http://www.eaber.org/node/23126
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    References listed on IDEAS

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    1. Shawn Cole & Xavier Gine & Jeremy Tobacman & Petia Topalova & Robert Townsend & James Vickery, 2013. "Barriers to Household Risk Management: Evidence from India," American Economic Journal: Applied Economics, American Economic Association, vol. 5(1), pages 104-135, January.
    2. Richard H. Thaler & Cass R. Sunstein, 2003. "Libertarian Paternalism," American Economic Review, American Economic Association, vol. 93(2), pages 175-179, May.
    3. Melvin Stephens Jr., 2003. ""3rd of tha Month": Do Social Security Recipients Smooth Consumption Between Checks?," American Economic Review, American Economic Association, vol. 93(1), pages 406-422, March.
    4. Christopher D. Carroll & Lawrence H. Summers, 1991. "Consumption Growth Parallels Income Growth: Some New Evidence," NBER Chapters,in: National Saving and Economic Performance, pages 305-348 National Bureau of Economic Research, Inc.
    5. David Laibson, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, Oxford University Press, vol. 112(2), pages 443-478.
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    Citations

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    Cited by:

    1. Vivek Rao, 2015. "Developing the Financial Sector and Expanding Market Instruments to Support a Post-2015 Development Agenda in Asia and the Pacific," Working Papers id:6632, eSocialSciences.
    2. Park, Cyn-Young & Mercado, Rogelio, 2015. "Financial Inclusion, Poverty, and Income Inequality in Developing Asia," ADB Economics Working Paper Series 426, Asian Development Bank.

    More about this item

    Keywords

    financial system; financial service providers; financial system designers;

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D18 - Microeconomics - - Household Behavior - - - Consumer Protection
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • G00 - Financial Economics - - General - - - General
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • 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
    • R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General

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