TY - BOOK ID - 78129629 TI - Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality : A Structural Framework for Policy AU - Dabla-Norris, Era. AU - Ji, Yan. AU - Townsend, Robert. AU - Unsal, Filiz. PY - 2015 SN - 1484352874 1498347525 1475585918 9781475585919 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Financial services industry KW - Income distribution KW - Gross domestic product KW - Computable general equilibrium models. KW - Distribution of income KW - Income inequality KW - Inequality of income KW - Distribution (Economic theory) KW - Disposable income KW - Services, Financial KW - Service industries KW - CGE models KW - Equilibrium models, Computable general KW - General equilibrium models, Computable KW - Econometric models KW - Domestic product, Gross KW - GDP KW - Gross national product KW - Econometric models. KW - Developing countries KW - Emerging nations KW - Fourth World KW - Global South KW - LDC's KW - Least developed countries KW - Less developed countries KW - Newly industrialized countries KW - Newly industrializing countries KW - NICs (Newly industrialized countries) KW - Third World KW - Underdeveloped areas KW - Underdeveloped countries KW - Economic policy KW - Computable general equilibrium models KW - E-books KW - Finance: General KW - Labor KW - Macroeconomics KW - Money and Monetary Policy KW - Industries: Financial Services KW - Macroeconomics: Production KW - Financial Markets and the Macroeconomy KW - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: Other KW - Macroeconomic Analyses of Economic Development KW - Economic Development: Financial Markets KW - Saving and Capital Investment KW - Corporate Finance and Governance KW - Comparative Studies of Countries KW - Labor Demand KW - Monetary Policy, Central Banking, and the Supply of Money and Credit: General KW - Aggregate Factor Income Distribution KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - Labour KW - income economics KW - Finance KW - Monetary economics KW - Self-employment KW - Credit KW - Financial inclusion KW - Collateral KW - Money KW - Financial markets KW - National accounts KW - Financial institutions KW - Self-employed KW - Loans KW - Philippines UR - https://www.unicat.be/uniCat?func=search&query=sysid:78129629 AB - We develop a micro-founded general equilibrium model with heterogeneous agents to identify pertinent constraints to financial inclusion. We evaluate quantitatively the policy impacts of relaxing each of these constraints separately, and in combination, on GDP and inequality. We focus on three dimensions of financial inclusion: access (determined by the size of participation costs), depth (determined by the size of collateral constraints resulting from limited commitment), and intermediation efficiency (determined by the size of interest rate spreads and default possibilities due to costly monitoring). We take the model to a firm-level data from the World Bank Enterprise Survey for six countries at varying degrees of economic developmentâthree low-income countries (Uganda, Kenya, Mozambique), and three emerging market countries (Malaysia, the Philippines, and Egypt). The results suggest that alleviating different financial frictions have a differential impact across countries, with country-specific characteristics playing a central role in determining the linkages and tradeoffs between inclusion, GDP, inequality, and the distribution of gains and losses. ER -