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on Financial Literacy and Education |
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Issue of 2025–11–10
five papers chosen by Viviana Di Giovinazzo, Università degli Studi di Milano-Bicocca |
| By: | Ozili, Peterson K |
| Abstract: | The study investigates the macro determinants of global financial inclusion using world data from 1999 to 2023 period. The data were analysed using the fully modified ordinary least squares regression estimator, the two-stage least squares regression estimator and the robust least squares regression estimator. The determinants examined are total domestic investment, macroeconomic management frameworks, international trade openness, total population size, consumer spending, and economic growth rate. The findings reveal that population size and trade openness have a positive effect on global financial inclusion through a higher financial inclusion index and commercial bank branch expansion. Total domestic investment and sound macroeconomic management have a negative effect on global financial inclusion through a decrease in the financial inclusion index and a reduction in the number of bank branches and the negative effect is more pronounced in the post-financial crisis years. However, total population size remain a positive determinant of global financial inclusion in the post-financial crisis years. Trade openness and consumer spending increase global financial inclusion during periods of economic prosperity while total domestic investment and sound macroeconomic management decrease global financial inclusion during periods of economic prosperity. In terms of forward-looking orientation, the study finds that a large population and weak macroeconomic management in the present period leads to financial inclusion gains in the future. It is recommended that policy adjustments in today’s population size and macroeconomic management frameworks can help to achieve future financial inclusion targets. The findings contribute to the financial inclusion literature by using world data to offer new insights into the factors that can accelerate global financial inclusion. |
| Keywords: | financial inclusion, index, determinants, gross capital formation, trade openness, investment, population, global financial crisis, consumer spending, economic growth, regression |
| JEL: | E20 E32 G2 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:126305 |
| By: | Imane Jalidy (USMBA - Université Sidi Mohamed Ben Abdellah, LIREFIMO - Laboratoire Interdisciplinaire de Recherche en Economie, Finance et Management des Organisations - FSJES-Fès - Faculté des sciences Juridiques, Economiques et Sociales de Fès); Abderrazak Elhiri (USMBA - Université Sidi Mohamed Ben Abdellah, LIREFIMO - Laboratoire Interdisciplinaire de Recherche en Economie, Finance et Management des Organisations - FSJES-Fès - Faculté des sciences Juridiques, Economiques et Sociales de Fès) |
| Abstract: | In the context of accelerated digital transformation in the financial sector, artificial intelligence (AI) has emerged as a crucial driver of FinTech growth, particularly in developing countries such as Morocco. The implementation of AI in financial services—including automated credit scoring, fraud detection, robo-advisory systems, and predictive analytics—offers promising opportunities for financial inclusion, operational efficiency, and expanded access to credit. However, this technological transition raises significant challenges in terms of governance, algorithm regulation, digital sovereignty, and data protection. This article aims to examine the conditions required for the emergence of a hybrid model of technological governance for financial AI in Morocco, one that balances innovation, inclusion, and security. The study adopts a qualitative methodology, combining an in-depth review of recent academic literature, institutional reports (World Bank, OECD, Bank Al-Maghrib), and international benchmarks (EU, Singapore, United Kingdom). It draws upon three complementary theoretical frameworks: adaptive regulation, institutional theory, and dynamic capabilities. Findings highlight Morocco's recent progress in building digital infrastructure and supporting FinTech initiatives, while also pointing out key limitations: institutional fragmentation, the absence of a dedicated legal framework for AI, a shortage of specialized talent, and technological dependency. In response, the article proposes a strategic roadmap structured around five key pillars: a robust legal framework, algorithmic supervision tools (SupTech), sovereign infrastructure, ethical AI governance, and capacity building. Ultimately, the article advocates for a proactive, context-sensitive, and inclusive governance model capable of supporting a sustainable digital transformation of Morocco's financial sector. |
| Abstract: | Dans le cadre d'une digitalisation accélérée du secteur financier, l'intelligence artificielle (IA) se révèle être un outil crucial pour la croissance des FinTechs, spécialement dans les pays en développement tels que le Maroc. L'implémentation de l'intelligence artificielle dans le secteur financier — y compris par le biais de scoring automatisé, la détection de fraudes, les robots-conseillers et l'analyse prédictive — offre des possibilités captivantes pour l'inclusion financière, l'efficacité opérationnelle et l'expansion de l'accès au crédit. Cependant, cette transition technologique pose d'importants défis en matière de gouvernance, de régulation des algorithmes, de souveraineté numérique et de protection des données personnelles. L'objectif de cet article est d'étudier les conditions nécessaires à l'émergence d'un modèle hybride de gouvernance technologique pour l'IA financière au Maroc, qui allie innovation, inclusion et sécurité. Il mobilise une méthode qualitative fondée sur l'analyse croisée de publications académiques récentes, de rapports institutionnels (Banque mondiale, OCDE, Bank Al-Maghrib) et d'exemples internationaux (UE, Singapour, Royaume-Uni). L'étude repose sur trois cadres théoriques : la régulation adaptative, la théorie institutionnelle et les capacités dynamiques. Les résultats mettent en évidence les avancées marocaines en matière d'infrastructures numériques et d'initiatives FinTech, tout en soulignant les limites actuelles : fragmentation institutionnelle, absence de cadre légal dédié à l'IA, déficit de compétences spécialisées, et dépendance technologique. L'article propose une feuille de route structurée autour de cinq axes stratégiques : cadre juridique, outils de supervision algorithmique (SupTech), infrastructures souveraines, éthique algorithmique et renforcement des compétences locales. Il plaide ainsi pour une gouvernance proactive, contextualisée et inclusive, capable d'accompagner durablement la transition numérique du secteur financier marocain. |
| Keywords: | Artificial intelligence, FinTech, Technological governance, Financial inclusion, Morocco, Intelligence artificielle, Maroc, Inclusion financière, Gouvernance technologique |
| Date: | 2025–10–26 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05333586 |
| By: | Chong, Juan Carlos; Frisancho, Verónica; García, Antonella; Ventura, Édgar |
| Abstract: | This study experimentally examines the long-term effects of school-based financial education, analyzing data from nearly 60, 000 individuals in Peru, seven years post-intervention. Treated students increased their total debt by 7.2% and average loan size by 7.8%, shifting from revolving to non-revolving credit. Borrowing terms improved slightly, and repayment performance remained unaffected despite increased borrowing. Formal employment and business formation remained unchanged. Impacts were equitable across sex and socioeconomic status, but higher performing students gained more in credit access. During the COVID-19 pandemic, financial education enhanced resilience by reducing reliance on revolving credit in favor of productive loans. |
| Keywords: | Educación, Estudiantes, Finanzas, Jóvenes, Sector académico, Habilidades y destrezas, Investigación socioeconómica, |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:dbl:dblwop:2534 |
| By: | David Argente (Yale University and NBER); Paula Gonzalez-Alvarez (Yale University); Esteban Méndez-Chacón (Department of Economic Research, Central Bank of Costa Rica); Diana Van Patten (Yale University and NBER) |
| Abstract: | Digital payment platforms can displace cash and extend financial services to underserved populations, yet many adults worldwide remain unbanked. Leveraging granular microdata on individual transactions and user characteristics, we argue that broad cash substitution via peer-to-peer (P2P) platforms depends on a “rapid low income-gradient”—the speed at which adoption spreads from affluent early users to lower-income groups. In three Latin American cases—Brazil’s Pix, Costa Rica’s Sinpe Movil, and Mexico’s CoDi—we document that low adoption costs, strong network effects, coordinated supply-side integration, and early awareness efforts enabled Pix and Sinpe Movil to reach nearly all income segments within five years, whereas CoDi remains characterized by low usage and predominantly high-income adopters. ***Resumen: Las plataformas de pagos digitales pueden reemplazar el uso de efectivo y ampliar el acceso a servicios financieros para poblaciones desatendidas; sin embargo, muchas personas en todo el mundo siguen estando excluidas del sistema financiero. A partir del análisis de transacciones y características de los usuarios, sostenemos que la sustitución generalizada del efectivo mediante plataformas de pago entre pares (P2P) depende de aplanar de manera rápida el gradiente respecto al ingreso: es decir, de la velocidad con la que la adopción se expande desde los primeros usuarios de altos ingresos hacia los grupos de menores ingresos. En tres casos de América Latina—Pix en Brasil, Sinpe Móvil en Costa Rica y CoDi en México—documentamos que los bajos costos de adopción, los fuertes efectos de red, la integración coordinada del lado de la oferta y los esfuerzos tempranos de divulgación permitieron que Pix y Sinpe Móvil alcanzaran a casi todos los segmentos de ingresos en un plazo de cinco años, mientras que CoDi continúa caracterizándose por un uso limitado y una adopción predominantemente entre personas de altos ingresos. |
| Keywords: | Technology Adoption; Peer-to-Peer Payments; Digital Payments; Adopción tecnológica; Pagos entre pares; Pagos digitales |
| JEL: | E4 E5 O1 O2 |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:apk:doctra:2507 |
| By: | Kamal Chakir (Université Ibn Zohr = Ibn Zohr University [Agadir]) |
| Abstract: | This study constructs a multidimensional Economic Resilience Index (ERI) to comparatively assess the capacity of five African economies (Morocco, Tunisia, Egypt, Algeria and South Africa) to absorb, adapt, and transform in response to external and internal shocks over the 2005-2024 period. The research addresses a critical gap in existing literature by developing a composite index specifically calibrated for African developing economies, moving beyond generic indices that fail to capture the structural and institutional specificities of the regional context. The theoretical framework builds on evolutionary resilience theory, emphasizing economies' capacity to transform and strengthen their adaptive capabilities long-term rather than simply returning to pre-shock equilibrium. The ERI aggregates three fundamental dimensions: macroeconomic stability (measured by inflation rates, fiscal deficits, public debt ratios, and exchange rate volatility); institutional governance (incorporating government effectiveness, rule of law, corruption control, and political stability using World Bank's Worldwide Governance Indicators); and structural adaptive capacities (proxied by export diversification indices, innovation investment ratios, human capital development, infrastructure quality, and financial inclusion metrics). Methodologically, the study employs a rigorous approach combining bibliometric analysis and Principal Component Analysis (PCA). The bibliometric analysis of 312 scientific articles from Scopus and Web of Science databases, spanning 2000-2025, identifies 21 key variables categorized into three thematic groups. Following PRISMA protocol guidelines, the systematic review reveals an evolution in research themes from macroeconomic stability focus (2000- 2010) to broader adaptability considerations including R&D expenditure and education access (2010-2020), and recent emphasis on climate resilience and renewable energy preparedness (2020-2025). Data compilation draws from internationally recognized sources. The construction process involves Z-score normalization to address outlier sensitivity, sub-index calculation through arithmetic means, and final aggregation using PCA-derived weights to avoid arbitrary equal weighting assumptions. Results empirically demonstrate that governance quality and adaptive capacities constitute primary determinants of resilience gaps, surpassing macroeconomic stability importance in medium-term horizons. This hierarchy becomes particularly evident during systemic shocks: the 2008-2009 global financial crisis, Arab Spring (2010-2012), oil price collapse (2014-2016), and COVID-19 pandemic (2020-2021). Countries investing in institutional reforms and adaptive capacity development (Morocco, South Africa) demonstrate superior shock absorption and recovery patterns compared to those relying primarily on macroeconomic stabilization. The study's policy implications emphasize the necessity of holistic resilience strategies integrating simultaneous institutional reforms, human capital investments, infrastructure development, and economic diversification. The ERI provides operational diagnostic tools for governments and international organizations, enabling regular progress monitoring and priority intervention area identification. Beyond practical utility, this research opens new perspectives for measuring and analyzing economic resilience in development contexts, contributing modestly but significantly to addressing crucial continental development challenges posed by climate change, geopolitical instabilities, and technological transformations. |
| Abstract: | Cette étude construit un Indice de Résilience économique (IRE) multidimensionnel afin d'évaluer comparativement la capacité de cinq économies africaines, le Maroc, la Tunisie, l'Égypte, l'Algérie et l'Afrique du Sud, à faire face aux chocs externes et internes sur la période 2005-2024. L'IRE agrège trois dimensions : la stabilité macroéconomique, la gouvernance institutionnelle et les capacités d'adaptation structurelle (proxiées par la diversification des exportations, l'investissement dans l'innovation, le capital humain, les infrastructures et l'inclusion financière). L'analyse longitudinale révèle d'importantes disparités inter-pays dans les trajectoires de résilience, avec une hétérogénéité marquée dans la performance relative des dimensions. Les résultats démontrent empiriquement que la gouvernance et les capacités d'adaptation constituent les déterminants primordiaux expliquant les écarts de résilience observés, surpassant en importance la seule stabilité macroéconomique à moyen terme. Cette hiérarchisation est particulièrement visible lors des chocs systémiques (crise financière globale, Printemps Arabe, pandémie COVID-19). En proposant un cadre méthodologique intégrateur spécifiquement calibré pour les économies en développement africaines, cette recherche comble un vide dans la littérature existante, souvent dépendante d'indices génériques inadaptés aux spécificités structurelles et institutionnelles du contexte. L'IRE offre ainsi un outil opérationnel pour le diagnostic des vulnérabilités et l'élaboration de politiques publiques ciblées visant à renforcer la durabilité des économies africaines face à un environnement mondial incertain. |
| Keywords: | Capacités d’adaptation, Indice composite, Afrique, Gouvernance, Résilience économique |
| Date: | 2025–09–28 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05290728 |