全球智库信息集成服务系统(G2TT): DP11742 Distinguishing Constraints on Financial Inclusion and Their Impact on GDP and Inequality

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP11742
	DP11742 Distinguishing Constraints on Financial Inclusion and Their Impact on GDP and Inequality
	Robert M. Townsend; Era Dabla-Norris; Filiz Unsal
发表日期	2017-01-03
出版年	2017
语种	英语
摘要	We develop a micro-founded general equilibrium model with heterogeneous agents and three dimensions of financial inclusion: access (determined by a participation cost), depth (determined by a borrowing constraint), and intermediation efficiency (determined by a monitoring cost). We find that the economic implications of financial inclusion policies vary with the source of frictions. In partial equilibrium, we show analytically that relaxing each of these constraints separately increases GDP. However, when constraints are relaxed jointly, the impacts on the intensive margin (increasing output per entrepreneur with access to credit) are amplified, while the impacts on the extensive margin (promoting credit access) are dampened. In general equilibrium, we discipline the model with firm-level data from six countries and quantitatively evaluate the policy impacts. Multiple frictions are necessary to match the country-specific variables, e.g., credit access ratio, interest rate spread, and non-performing loans. A TFP decomposition finds that most of the productivity gains are captured by a between-regime shifting effect, whereby talented entrepreneurs obtain credit and expand their businesses. In terms of inequality and welfare, reducing the participation cost benefits talented-but-poor agents the most, while relaxing the borrowing constraint or intermediation cost is more beneficial for talented-and-wealthy agents.
主题	Development Economics ; Macroeconomics and Growth
URL	https://cepr.org/publications/dp11742
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/540556
推荐引用方式 GB/T 7714	Robert M. Townsend,Era Dabla-Norris,Filiz Unsal. DP11742 Distinguishing Constraints on Financial Inclusion and Their Impact on GDP and Inequality. 2017.