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Recent advances in finance for inclusive development: a survey

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  • Asongu, Simplice
  • De Moor, Lieven

Abstract

The policy debate has been shifting from the finance-growth nexus to the finance-inequality relationship. In the transition from Millennium Development Goals (MDGs) to Sustainable Development Goals (SDGs), there has been an urgent policy challenge of putting some structure on recent advances in finance for more inclusiveness. The overarching question tackled in this paper is: to what degree has financial development contributed to providing opportunities of human development for those in the low-income strata and by what mechanisms? We survey about 170 recently published papers to provide recent advances in finance for inclusive development. The analytical approach consists of first, situating issues of exclusive growth in the context of the literature and then reviewing recent financial inclusion growth strategies. Developed and developing countries are separately engaged in some currents to account for heterogeneity in financial development benefits. Retained financial innovations are structured along three themes, notably: the rural/urban divide, women empowerment and human capital in terms of skills & training. The financial instruments are articulated with case studies, innovations and investment strategies with particular emphasis, inter alia on: informal finance, microfinance, mobile banking, crowdfunding , Islamic finance, remittances, Payment for Environmental Services (PES) and the Diaspora Investment in Agriculture (DIA) initiative.

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  • Asongu, Simplice & De Moor, Lieven, 2015. "Recent advances in finance for inclusive development: a survey," MPRA Paper 67299, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:67299
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    Cited by:

    1. Asongu, Simplice A. & Nwachukwu, Jacinta C., 2016. "The Mobile Phone in the Diffusion of Knowledge for Institutional Quality in Sub-Saharan Africa," World Development, Elsevier, vol. 86(C), pages 133-147.
    2. Asongu, Simplice, 2015. "Growth and Institutions in African Development by Augustin K. Fosu," MPRA Paper 68656, University Library of Munich, Germany.
    3. Asongu, Simplice & Anyanwu, John & Tchamyou, Vanessa, 2016. "Information sharing and conditional financial development in Africa," MPRA Paper 74653, University Library of Munich, Germany.
    4. Simplice Asongu & Rangan Gupta, 2016. "Trust and quality of growth: a note," Economics Bulletin, AccessEcon, vol. 36(3), pages 1854-1867.
    5. Asongu, Simplice & Nwachukwu, Jacinta, 2016. "Mobile Phones in the Diffusion of Knowledge and Persistence in Inclusive Human Development in Sub-Saharan Africa," MPRA Paper 73091, University Library of Munich, Germany, revised May 2016.
    6. Asongu, Simplice A. & Koomson, Isaac & Tchamyou, Vanessa S., 2017. "Financial globalisation uncertainty/instability is good for financial development," Research in International Business and Finance, Elsevier, vol. 41(C), pages 280-291.
    7. Simplice A. Asongu, 2018. "Conditional Determinants of Mobile Phones Penetration and Mobile Banking in Sub-Saharan Africa," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 9(1), pages 81-135, March.
    8. Asongu, Simplice & Anyanwu, John & Tchamyou, Vanessa, 2017. "Technology-driven information sharing and conditional financial development in Africa," MPRA Paper 79640, University Library of Munich, Germany.
    9. Asongu, Simplice & Nwachukwu, Jacinta & Tchamyou, Vanessa, 2015. "Information Asymmetry and Financial Development Dynamics in Africa," MPRA Paper 68315, University Library of Munich, Germany.
    10. Simplice Asongu & Jacinta C. Nwachukwu, 2015. "Finance and Inclusive Human Development: Evidence from Africa," Working Papers 15/061, African Governance and Development Institute..
    11. Simplice Asongu & Oasis Kodila-Tedika, 2015. "On the Empirics of Institutions and Quality of Growth: Evidence for Developing Countries," Working Papers 15/041, African Governance and Development Institute..
    12. Simplice Asongu, 2015. "Welfare Spending and Quality of Growth in Developing Countries: Evidence from Hopefuls, Contenders and Best Performers," Working Papers 15/022, African Governance and Development Institute..
    13. repec:eee:tefoso:v:129:y:2018:i:c:p:164-172 is not listed on IDEAS
    14. Asongu, Simplice A. & Nwachukwu, Jacinta C., 2018. "Educational quality thresholds in the diffusion of knowledge with mobile phones for inclusive human development in sub-Saharan Africa," Technological Forecasting and Social Change, Elsevier, vol. 129(C), pages 164-172.
    15. Simplice Asongu & Jacinta C. Nwachukwu, 2017. "Comparative human development thresholds for absolute and relative pro-poor mobile banking in developing countries," Working Papers 17/007, African Governance and Development Institute..
    16. Simplice A. Asongu & Jacinta C. Nwachukwu, 2016. "Rational Asymmetric Development, Piketty and Poverty in Africa," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 13(2), pages 221-246, December.
    17. Asongu, Simplice A & Odhiambo, Nicholas M., 2018. "Human development thresholds for inclusive mobile banking in developing countries," Working Papers 24399, University of South Africa, Department of Economics.
    18. Asongu, Simplice A. & Odhiambo, Nicholas M., 2017. "Mobile banking usage, quality of growth, inequality and poverty in developing countries," Working Papers 23396, University of South Africa, Department of Economics.
    19. Simplice Asongu & Vanessa Tchamyou, 2015. "Inequality, Finance and Pro-Poor Investment in Africa," Working Papers 15/052, African Governance and Development Institute..
    20. Asongu, Simplice A. & Nwachukwu, Jacinta C., 2016. "The role of governance in mobile phones for inclusive human development in Sub-Saharan Africa," Technovation, Elsevier, vol. 55, pages 1-13.
    21. Simplice Asongu, 2015. "Rational Asymmetric Development, Piketty and the Spirit of Poverty in Africa," Working Papers 15/006, African Governance and Development Institute..

    More about this item

    Keywords

    Finance; Inclusive Growth; Economic Development;

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • I10 - Health, Education, and Welfare - - Health - - - General
    • I20 - Health, Education, and Welfare - - Education - - - General
    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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