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In: IMF Working Paper, S. 1-33
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In: J Bus Econ (2017). DOI/s11573-017-0853-9
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This paper discusses recent developments in financial inclusion and financial literacy in Kyrgyz Republic. While financial inclusion is considered one of the key drivers of today's development, it is quite new to Kyrgyz Republic. The first attempts to introduce the notion of financial inclusion arose after a violent power shift in 2010. The economy experienced an overall decline, the banking sector shrank, and financial intermediation slowed down. The National Bank introduced a number of regulatory measures to tighten the supervision of financial sector and increase consumer protection. Some of the efforts have worked well: the banking sector has rebounded, savings have been mobilized, and financial markets have started developing. However, national development patterns, such as unstable economic growth, a high poverty rate, and weak governance are the key vulnerabilities for increasing inclusivity of financial products and services. Income inequality, especially when comparing rural versus urban areas, is substantial and restricts access to financial services for the rural population. Small and medium-sized enterprises face barriers for getting sufficient financing because of high collateral requirements. The population has a low level of financial literacy and is reluctant to use modern financial services. Our analysis suggests that there is an urgent need for consolidated efforts to include more people and businesses into financial activities, mobilize their savings, and improve access to credit.
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This paper discusses the status of financial inclusion, education, and literacy in Azerbaijan as well as measures to foster the development of SMEs, which currently have inadequate access to financial resources. The primary policy challenge faced by the government of Azerbaijan is defining its role in creating broader access to financial products and services. This paper highlights the challenges faced in overcoming the barriers to financial inclusion, and solutions found, and discusses the main lessons learned and a potential way forward. The first section of the paper provides detailed information on the national financial system. The second section covers the status of financial inclusion for individuals and SMEs. The third section analyzes different (supply and demand) aspects of barriers to financial inclusion, while the remaining sections present policies aimed at promoting financial regulation, literacy, and education. Finally, the paper presents key policy recommendations.
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In this paper, we provide a comprehensive overview of the current state of financial inclusion and financial literacy in Georgia based on the latest literature, statistical evidence, and recent surveys. The paper reviews current government policy initiatives and strategy documents aimed at improving financial access of SMEs and households; analyzes the state of the regulatory framework in Georgia; focuses on the causes behind the current low levels of financial inclusion and financial literacy among the young, the poor, and the rural population; and provides policy recommendations to comprehensively address the financial inclusion problem in Georgia.
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ISSN: 1020-0975
In: ADBI Working Paper 842
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Working paper
In: ADBI Working Paper 537
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Working paper
The United Kingdom (UK) has one of the largest financial services sectors in the world, and strong consumer protection regulation. Yet, despite nearly 2 decades of financial inclusion policymaking, persistent problems remain. Many individuals, often the most vulnerable, are unable to get financial products and services that meet their needs at affordable prices. New forms of exclusion are emerging as digital technology advances and risk profiling becomes increasingly sophisticated. The self-employed face particular problems, having high levels of unsecured debt and being less likely to have pension savings than employees. There are long-standing competition and conduct problems in the market for small business finance, and lending to small firms has both decreased and become more expensive since the financial crisis of 2007 - 2008. Despite many small businesses having similar levels of financial sophistication as retail consumers, the regulatory system does not protect them to the same degree. Financial capability is low among the UK population. Often, the groups with the lowest capability are also those at most risk of financial exclusion. Policy recommendations include: better coordination for financial inclusion policies; support for teaching financial education in schools; more progressive savings incentives; basic banking to meet the needs of the most vulnerable; streamlining government support for small businesses; and specialized advice and financial education for small businesses and the self-employed.
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In: Edward Elgar E-Book Archive
Barry Eichengreen, Ricardo Hausmann and Ugo Panizza (2007), 'Currency Mismatches, Debt Intolerance, and Original Sin: Why They are Not the Same and Why it Matters', in Sebastian Edwards (ed) (ed.), Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences, Chapter 3, Chicago, IL: University of Chicago Press, 121-64 -- Charles P. Kindleberger (1996), 'Conclusion: The Lessons of History', 'Appendix A' and 'Appendix B', in Manias, Panics and Crashes: A History of Financial Crises, Chapter 12 and Appendices A and B, Third Edition, London: Macmillan, 190-97, 198-202, 203-12, notes -- Robert J. Shiller (2001), 'Speculative Volatility in a Free Society', in Irrational Exuberance, Chapter 11, Princeton, NJ: Princeton University Press, 203-33, notes -- Jan Kregel (2007),'The Natural Instability of Financial Markets', Levy Economics Institute Working Paper, No. 523, December, i, 2-28 -- John Kenneth Galbraith ([1954] 1992), 'Cause and Consequence', in The Great Crash, 1929, Chapter X, London: Penguin Books in association with Hamish Hamilton, 186-210 -- Martin H. Wolfson (1994), 'A Business-Cycle Model of Financial Crises' in Financial Crises: Understanding the Postwar U.S. Experience, Chapter 11, Second Edition, Armonk, NY: M.E. Sharpe, 143-50 -- E.P. Davis (1992), 'The Economic Theory of Systemic Risk', in Debt, Financial Fragility, and Systemic Risk, Chapter 5, Oxford: Clarendon Press, 117-46 -- Hyman P. Minsky (1982), 'The Financial-Instability Hypothesis: Capitalist Processes and the Behavior of the Economy', in Charles P. Kindleberger (ed) and Jean-Pierre Laffargue (ed) (eds), Financial Crisis: Theory, History, and Policy, Chapter 2, Cambridge: Cambridge University Press and Paris: Editions de la Maison des Sciences de l'Homme, 13-39 -- Philip Arestis and Murray Glickman (2002), 'Financial Crisis in Southeast Asia: Dispelling Illusion the Minskyan Way', Cambridge Journal of Economics, 26 (2), March, 237-60 -- Josef Steindl (1989), 'Saving and Debt', in Alain Barrère (ed) (ed.), Money, Credit and Prices in Keynesian Perspective. Proceedings of a Conference held at the University of Paris I-Panthéon-Sorbonne, Chapter 4, London: Macmillan, 71-8 -- Ben Bernanke and Mark Gertler (1989), 'Agency Costs, Net Worth, and Business Fluctuations', American Economic Review, 79 (1), 14-31 -- Robert J. Shiller (1993), 'Mechanisms for Hedging Long Streams of Income', 'National Income and Labor Income Markets' and 'Making It Happen', in Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks, Chapters 3, 4, 9 and notes, Oxford: Clarendon Press, 31-51, 52-77 and 201-14, 217-21, 226-7, references -- Jan Toporowski (2009), 'The Economics and Culture of Financial Inflation', Competition and Change, 13 (2), June, 145-56
In: 13th Thinkers and Writers Forum, June 2012
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