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Financial Inclusion in Asia-Pacific

Yongzheng Yang, Elena Loukoianova (), Piyaporn Sodsriwiboon, Yiqun Wu (), Sarwat Jahan, Leni Hunter, Fazurin Jamaludin, Si Guo, Johanna Schauer and Umang Rawat

No 2018/017, IMF Departmental Papers / Policy Papers from International Monetary Fund

Abstract: Asia has made significant progress in financial inclusion, but both its across-country and intra-country disparities are among the highest in the world. The gaps between the rich and the poor, rural and urban populations, and men and women remain deep. Income is the main determinant of the level of financial inclusion; but other factors, such as geography, financial sector structure, and policies, also play important roles. While some countries in the Asia-Pacific region are leaders in fintech, on average the region lags behind others in several important areas such as online (internet) purchases, electronic payments, mobile money, and mobile government transfers. This Departmental Paper aims to take stock of the development and current state of financial inclusion and shed light on policies to advance financial inclusion in the region. The research focuses on the impact of financial inclusion on economic growth, poverty reduction, and inequality, linkages between financial inclusion and macroeconomic policies, as well as structural policies that are important for improving financial inclusion. Given the increasing importance of financial technologies (fintech), the paper also provides a snapshot of the fintech landscape in the Asia-Pacific.

Keywords: DPPP; DP; Asia-Pacific country; fiscal policy; interest rate; Asia-Pacific region; central bank; Gini coefficient; per capita income; savings account; a number of Asia-Pacific EMDCs; adverse selection; fintech company; monetary policy shock; Fintech use; Financial inclusion; Fintech; Mobile banking; Income inequality; Pacific Islands; Asia and Pacific; Sub-Saharan Africa; Global (search for similar items in EconPapers)
Pages: 139
Date: 2018-09-18
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Handle: RePEc:imf:imfdps:2018/017