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Recent advances in finance for inclusive development: a survey

Author

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  • Simplice Asongu

    (Yaoundé/Cameroun)

  • De Moor Lieven

    (Vrije Universiteit Brussel, Belgium)

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.

Suggested Citation

  • Simplice Asongu & De Moor Lieven, 2015. "Recent advances in finance for inclusive development: a survey," Working Papers of the African Governance and Development Institute. 15/005, African Governance and Development Institute..
    • Handle: RePEc:agd:wpaper:15/005
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    Cited by:

    1. Simplice Asongu & Rangan Gupta, 2016. "Trust and quality of growth: a note," Economics Bulletin, AccessEcon, vol. 36(3), pages 1854-1867.
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    3. Simplice A. Asongu & Nicholas M. Odhiambo, 2017. "Mobile banking usage, quality of growth, inequality and poverty in developing countries," Research Africa Network Working Papers 17/046, Research Africa Network (RAN).
    4. Simplice A. Asongu & Sara le Roux & Jacinta Nwachukwu & Chris Pyke, 2018. "The Mobile Phone as an Argument for Good Governance in sub-Saharan Africa," Working Papers 2 4004, Office Of The Chief Economist, Development Bank of Nigeria.
    5. Simplice A. Asongu & John C. Anyanwu & Vanessa S. Tchamyou, 2019. "Technology-driven information sharing and conditional financial development in Africa," Information Technology for Development, Taylor & Francis Journals, vol. 25(4), pages 630-659, October.
    6. Asongu, Simplice & Boateng, Agyenim & Akamavi, Raphael, 2016. "Mobile Phone Innovation and Inclusive Human Development: Evidence from Sub-Saharan Africa," MPRA Paper 75046, University Library of Munich, Germany.
    7. 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.
    8. 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.
    9. Asongu, Simplice & Anyanwu, John & Tchamyou, Vanessa, 2016. "Information sharing and conditional financial development in Africa," MPRA Paper 74653, University Library of Munich, Germany.
    10. Simplice A. Asongu, 2015. "Growth and Institutions in African Development by Augustin K. Fosu," Research Africa Network Working Papers 15/033, Research Africa Network (RAN).
    11. Simplice Asongu, 2015. "Rational Asymmetric Development, Piketty and the Spirit of Poverty in Africa," Working Papers of the African Governance and Development Institute. 15/006, African Governance and Development Institute..
    12. Simplice A. Asongu, 2021. "The Effects of Mobile Phone Technology, Knowledge Creation and Diffusion on Inclusive Human Development in Sub-Saharan Africa," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(3), pages 1367-1398, September.
    13. Simplice A. Asongu & Oasis Kodila-Tedika, 2015. "On the Empirics of Institutions and Quality of Growth: Evidence for Developing Countries," Research Africa Network Working Papers 15/041, Research Africa Network (RAN).
    14. 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.
    15. Simplice A. Asongu & Vanessa S. Tchamyou, 2015. "Inequality, Finance and Pro-Poor Investment in Africa," Research Africa Network Working Papers 15/052, Research Africa Network (RAN).
    16. Simplice A. Asongu & Jacinta C. Nwachukwu, 2015. "Welfare Spending and Quality of Growth in Developing Countries: Evidence from Hopefuls, Contenders and Best Performers," Research Africa Network Working Papers 15/022, Research Africa Network (RAN).
    17. Simplice A. Asongu & Nicholas M. Odhiambo, 2018. "Human development thresholds for inclusive mobile banking in developing countries," African Journal of Science, Technology, Innovation and Development, Taylor & Francis Journals, vol. 10(6), pages 735-744, September.
    18. Simplice Asongu & Jacinta C. Nwachukwu, 2016. "Mobile Phones in the Diffusion of Knowledge and Persistence in Inclusive Human Development in Sub-Saharan Africa," Working Papers of the African Governance and Development Institute. 16/009, African Governance and Development Institute..
    19. Belmondo V. Tanankem & Uchenna R. Efobi & Ngozi S. Atata, 2016. "Women Empowerment and Intra-household Dietary Diversity in Nigeria," Working Papers of the African Governance and Development Institute. 16/050, African Governance and Development Institute..
    20. Asongu, Simplice & Nwachukwu, Jacinta & Tchamyou, Vanessa, 2015. "Information Asymmetry and Financial Development Dynamics in Africa," MPRA Paper 68315, University Library of Munich, Germany.
    21. 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.
    22. 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.
    23. Asongu, Simplice & Nwachukwu, Jacinta, 2017. "Comparative human development thresholds for absolute and relative pro-poor mobile banking in developing countries," MPRA Paper 79636, University Library of Munich, Germany.
    24. Asongu, Simplice & Nwachukwu, Jacinta C., 2015. "Finance and Inclusive Human Development: Evidence from Africa," MPRA Paper 71787, University Library of Munich, Germany.

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    Keywords

    Finance; Inclusive Growth; Economic Development;
    All these keywords.

    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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