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on Financial Literacy and Education |
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Issue of 2019‒10‒14
three papers chosen by |
| By: | Mishel Ghassibe; Maximiliano Appendino; Samir Elsadek Mahmoudi |
| Abstract: | This paper offers empirical evidence that greater financial inclusion of small and medium enterprises (SMEs) can promote higher economic growth and employment, especially in the Middle East and Central Asia regions. First, we show that countries with higher SME financial inclusion exhibit more effective monetary policy transmission and tax collection. Second, we find substantial employment and labor productivity growth gains at the firm level from access to credit, gains that are higher for SMEs. We also obtain evidence of a substantial positive impact on SME employment and labor productivity growth from improved credit bureau coverage and insolvency regimes. Finally, cross-country aggregate evidence confirms the employment and growth gains from SME financial inclusion, which appear larger in the Middle East and Central Asia than in other regions. |
| Date: | 2019–09–27 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:19/209&r=all |
| By: | Thomas Philippon |
| Abstract: | The cost of financial intermediation has declined in recent years thanks to technological progress and increased competition. I document this fact and I analyze two features of new financial technologies that have stirred controversy: returns to scale, and the use of big data and machine learning. I argue that the nature of fixed versus variable costs in robo-advising is likely to democratize access to financial services. Big data is likely to reduce the impact of negative prejudice in the credit market but it could reduce the effectiveness of existing policies aimed at protecting minorities. |
| JEL: | G11 G2 L1 N2 |
| Date: | 2019–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:26330&r=all |
| By: | Baptiste Venet (LEDa - Laboratoire d'Economie de Dauphine - Université Paris-Dauphine) |
| Keywords: | Finance inclusive,Financial Technology,finance,innovation |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02294648&r=all |