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Financial Inclusion, Growth and Inequality [electronic resource] : A Model Application to Colombia / Izabela Karpowicz.

By: Karpowicz, Izabela.
Material type: materialTypeLabelBookSeries: IMF Working Papers; Working Paper: No. 14/166Publisher: Washington, D.C. : International Monetary Fund, 2014Description: 1 online resource (31 p.).ISBN: 1498344836 :.ISSN: 1018-5941.Subject(s): Access to Finance | Banking | Financial Deepening | Financial Inclusion | General | Government Policy and Regulation | ColombiaAdditional physical formats: Print Version:: Financial Inclusion, Growth and Inequality : A Model Application to ColombiaOnline resources: IMF e-Library | IMF Book Store Abstract: Financial inclusion has been one of the key pillars of Colombia's development strategy for a number of years. Financial inclusion policies have aimed at channeling microcredit to poor, spreading formal banking system usage, fostering electronic payment acceptance, and making financial services more affordable. Using simulations from a general equilibrium model it is possible to identify the most binding financial sector frictions that preclude financial inclusion of enterprises, and study the effects on growth and inequality of efforts to remove these frictions. The study finds that lowering contraints on collateral promises higher growth while inequality is better tackled through measures that lower the financial participation cost.
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Financial inclusion has been one of the key pillars of Colombia's development strategy for a number of years. Financial inclusion policies have aimed at channeling microcredit to poor, spreading formal banking system usage, fostering electronic payment acceptance, and making financial services more affordable. Using simulations from a general equilibrium model it is possible to identify the most binding financial sector frictions that preclude financial inclusion of enterprises, and study the effects on growth and inequality of efforts to remove these frictions. The study finds that lowering contraints on collateral promises higher growth while inequality is better tackled through measures that lower the financial participation cost.

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