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Access to finance, as a means to achieve sustainable growth

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Frame of Image ies. Meanwhile, far fewer adults hold credit with financial institutions and borrow money from formal financial institutions in low-income countries (8.6 percent) than in high-income countries (18 percent). The account and credit penetration rate is even lower for vulnerable groups such as the poor, women, youth, and rural residents in developing countries. Why does the access to finance matter? Would the enhancement of access to finance benefit economic growth in developing countries and what should the policymakers do to enhance the access to finance?
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Scholars and policymakers have widely accepted that access to financial services can 1) promote household welfare, 2) encourage the growth of small and medium enterprises, and 3) contribute to sustainable economic growth. At the household level, literature has revealed that access to finance po-
Korea Institute for International Economic Policy
Access to Finance, as a Means to Achieve Sustainable Growth
2
sitively impacts savings, consumption, and investment1. Suppose that a household does not have access to financial services, and its income is vulnerable to shocks. When this household faces an adverse income shocks, it lacks resources to mitigate the effect from the income shock and must inevitably cut back on savings, consumption and investment. However, if the household has access to finance, and has enough credit to borrow from financial institutions, its welfare would not be vulnerable to shocks. At the fi


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Title Access to finance, as a means to achieve sustainable growth
Similar Titles
Material Type Reports
Author(English)

Hur, Yoon Sun

Publisher

Sejong, Korea:Korea Institute for International Economic Policy

Date 2016-07
Series Title; No KIEP opinions
Pages 3
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Economy < Economic Administration
Holding Korea Institute for International Economic Policy