Access to Financial Services : A Review of the Issues and Public Policy Objectives

This paper reviews the evidence on the importance of finance for economic well-being, provides data on the degree of use of basic financial services by households and firms across a sample of countries, assesses the desirability of more universal access, and overviews the macroeconomic, legal, and r...

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Main Author:	Claessens, Stijn
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ACCOUNTING ADMINISTRATIVE REGULATIONS ANECDOTAL EVIDENCE BANK ACCOUNTS BANK OF ENGLAND BANKING SERVICES BANKING SYSTEM BANKING SYSTEMS BANKS CAPITAL ADEQUACY CAPITAL MARKETS CAPITAL REQUIREMENTS CAPITALIZATION CHECKING CLEAN WATER COMMERCIAL BANKS CORPORATE SECTOR COUNTRIES DATA AVAILABILITY DATA COLLECTION DEFICITS DEPOSITS DOMESTIC STOCK MARKETS DOMESTIC/FOREIGN BANKS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIES OF SCALE EMPIRICAL EVIDENCE EXPENDITURES FACTORING FINANCIAL CRISES FINANCIAL DEEPENING FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL REFORM FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FIRMS FIXED COSTS GLOBALIZATION HEALTH CARE HEALTH CARE SERVICES HEALTH SERVICES INCOME INCOME DISTRIBUTION INCOME LEVEL INCOME LEVELS INEQUALITY INSTITUTIONAL CAPACITY INSTITUTIONAL ENVIRONMENT INSURANCE INTEREST RATES INVESTMENT CLIMATE LAWS LEGAL SYSTEMS LIQUIDITY MARKET FAILURES MICROFINANCE MONEY LAUNDERING POLICY RESEARCH PRIMARY EDUCATION PRIVATIZATION PRODUCTIVITY PROFITABILITY PROPERTY RIGHTS PUBLIC GOODS PUBLIC POLICY PUBLIC SERVICES PUBLIC/PRIVATE BANKS REGULATORY APPROACHES RETAIL BANKS REVERSE CAUSALITY SAVINGS SAVINGS BANKS SECURITIES SECURITIES MARKETS STATISTICAL TECHNIQUES TAXATION URBAN AREAS WAGES
Online Access:	http://documents.worldbank.org/curated/en/2005/05/5800525/access-financial-services-review-issues-public-policy-objectives http://hdl.handle.net/10986/8958

id	okr-10986-8958
recordtype	oai_dc
spelling	okr-10986-89582021-04-23T14:02:42Z Access to Financial Services : A Review of the Issues and Public Policy Objectives Claessens, Stijn ACCOUNTING ADMINISTRATIVE REGULATIONS ANECDOTAL EVIDENCE BANK ACCOUNTS BANK OF ENGLAND BANKING SERVICES BANKING SYSTEM BANKING SYSTEMS BANKS CAPITAL ADEQUACY CAPITAL MARKETS CAPITAL REQUIREMENTS CAPITALIZATION CHECKING CLEAN WATER COMMERCIAL BANKS CORPORATE SECTOR COUNTRIES DATA AVAILABILITY DATA COLLECTION DEFICITS DEPOSITS DOMESTIC STOCK MARKETS DOMESTIC/FOREIGN BANKS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIES OF SCALE EMPIRICAL EVIDENCE EXPENDITURES FACTORING FINANCIAL CRISES FINANCIAL DEEPENING FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL REFORM FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FIRMS FIXED COSTS GLOBALIZATION HEALTH CARE HEALTH CARE SERVICES HEALTH SERVICES INCOME INCOME DISTRIBUTION INCOME LEVEL INCOME LEVELS INEQUALITY INSTITUTIONAL CAPACITY INSTITUTIONAL ENVIRONMENT INSURANCE INTEREST RATES INVESTMENT CLIMATE LAWS LEGAL SYSTEMS LIQUIDITY MARKET FAILURES MICROFINANCE MONEY LAUNDERING POLICY RESEARCH PRIMARY EDUCATION PRIVATIZATION PRODUCTIVITY PROFITABILITY PROPERTY RIGHTS PUBLIC GOODS PUBLIC POLICY PUBLIC SERVICES PUBLIC/PRIVATE BANKS REGULATORY APPROACHES RETAIL BANKS REVERSE CAUSALITY SAVINGS SAVINGS BANKS SECURITIES SECURITIES MARKETS STATISTICAL TECHNIQUES TAXATION URBAN AREAS WAGES This paper reviews the evidence on the importance of finance for economic well-being, provides data on the degree of use of basic financial services by households and firms across a sample of countries, assesses the desirability of more universal access, and overviews the macroeconomic, legal, and regulatory obstacles to access using general evidence and case studies. Although access to finance can be very beneficial, the data show that universal use is far from prevalent in many countries, especially developing countries. At the same time, universal access has generally not been a public policy objective and is surely not easily achievable in most countries. Countries can, however, undertake many actions to facilitate access to financial services, including through strengthening their institutional infrastructures, liberalizing and opening up their markets and facilitating greater competition, and encouraging innovative use of know-how and technology. Government attempts and interventions to directly broaden the provision of access to finance, however, are fraught with risks and costs, among others, the risk of missing the targeted groups. The author concludes with possible global actions aimed at improving data on access and use, and areas for further analysis to help identify the constraints to broadening access. 2012-06-25T18:09:26Z 2012-06-25T18:09:26Z 2005-05 http://documents.worldbank.org/curated/en/2005/05/5800525/access-financial-services-review-issues-public-policy-objectives http://hdl.handle.net/10986/8958 English Policy Research Working Paper; No. 3589 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCOUNTING ADMINISTRATIVE REGULATIONS ANECDOTAL EVIDENCE BANK ACCOUNTS BANK OF ENGLAND BANKING SERVICES BANKING SYSTEM BANKING SYSTEMS BANKS CAPITAL ADEQUACY CAPITAL MARKETS CAPITAL REQUIREMENTS CAPITALIZATION CHECKING CLEAN WATER COMMERCIAL BANKS CORPORATE SECTOR COUNTRIES DATA AVAILABILITY DATA COLLECTION DEFICITS DEPOSITS DOMESTIC STOCK MARKETS DOMESTIC/FOREIGN BANKS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIES OF SCALE EMPIRICAL EVIDENCE EXPENDITURES FACTORING FINANCIAL CRISES FINANCIAL DEEPENING FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL REFORM FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FIRMS FIXED COSTS GLOBALIZATION HEALTH CARE HEALTH CARE SERVICES HEALTH SERVICES INCOME INCOME DISTRIBUTION INCOME LEVEL INCOME LEVELS INEQUALITY INSTITUTIONAL CAPACITY INSTITUTIONAL ENVIRONMENT INSURANCE INTEREST RATES INVESTMENT CLIMATE LAWS LEGAL SYSTEMS LIQUIDITY MARKET FAILURES MICROFINANCE MONEY LAUNDERING POLICY RESEARCH PRIMARY EDUCATION PRIVATIZATION PRODUCTIVITY PROFITABILITY PROPERTY RIGHTS PUBLIC GOODS PUBLIC POLICY PUBLIC SERVICES PUBLIC/PRIVATE BANKS REGULATORY APPROACHES RETAIL BANKS REVERSE CAUSALITY SAVINGS SAVINGS BANKS SECURITIES SECURITIES MARKETS STATISTICAL TECHNIQUES TAXATION URBAN AREAS WAGES
spellingShingle	ACCOUNTING ADMINISTRATIVE REGULATIONS ANECDOTAL EVIDENCE BANK ACCOUNTS BANK OF ENGLAND BANKING SERVICES BANKING SYSTEM BANKING SYSTEMS BANKS CAPITAL ADEQUACY CAPITAL MARKETS CAPITAL REQUIREMENTS CAPITALIZATION CHECKING CLEAN WATER COMMERCIAL BANKS CORPORATE SECTOR COUNTRIES DATA AVAILABILITY DATA COLLECTION DEFICITS DEPOSITS DOMESTIC STOCK MARKETS DOMESTIC/FOREIGN BANKS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIES OF SCALE EMPIRICAL EVIDENCE EXPENDITURES FACTORING FINANCIAL CRISES FINANCIAL DEEPENING FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL REFORM FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FIRMS FIXED COSTS GLOBALIZATION HEALTH CARE HEALTH CARE SERVICES HEALTH SERVICES INCOME INCOME DISTRIBUTION INCOME LEVEL INCOME LEVELS INEQUALITY INSTITUTIONAL CAPACITY INSTITUTIONAL ENVIRONMENT INSURANCE INTEREST RATES INVESTMENT CLIMATE LAWS LEGAL SYSTEMS LIQUIDITY MARKET FAILURES MICROFINANCE MONEY LAUNDERING POLICY RESEARCH PRIMARY EDUCATION PRIVATIZATION PRODUCTIVITY PROFITABILITY PROPERTY RIGHTS PUBLIC GOODS PUBLIC POLICY PUBLIC SERVICES PUBLIC/PRIVATE BANKS REGULATORY APPROACHES RETAIL BANKS REVERSE CAUSALITY SAVINGS SAVINGS BANKS SECURITIES SECURITIES MARKETS STATISTICAL TECHNIQUES TAXATION URBAN AREAS WAGES Claessens, Stijn Access to Financial Services : A Review of the Issues and Public Policy Objectives
relation	Policy Research Working Paper; No. 3589
description	This paper reviews the evidence on the importance of finance for economic well-being, provides data on the degree of use of basic financial services by households and firms across a sample of countries, assesses the desirability of more universal access, and overviews the macroeconomic, legal, and regulatory obstacles to access using general evidence and case studies. Although access to finance can be very beneficial, the data show that universal use is far from prevalent in many countries, especially developing countries. At the same time, universal access has generally not been a public policy objective and is surely not easily achievable in most countries. Countries can, however, undertake many actions to facilitate access to financial services, including through strengthening their institutional infrastructures, liberalizing and opening up their markets and facilitating greater competition, and encouraging innovative use of know-how and technology. Government attempts and interventions to directly broaden the provision of access to finance, however, are fraught with risks and costs, among others, the risk of missing the targeted groups. The author concludes with possible global actions aimed at improving data on access and use, and areas for further analysis to help identify the constraints to broadening access.
format	Publications & Research :: Policy Research Working Paper
author	Claessens, Stijn
author_facet	Claessens, Stijn
author_sort	Claessens, Stijn
title	Access to Financial Services : A Review of the Issues and Public Policy Objectives
title_short	Access to Financial Services : A Review of the Issues and Public Policy Objectives
title_full	Access to Financial Services : A Review of the Issues and Public Policy Objectives
title_fullStr	Access to Financial Services : A Review of the Issues and Public Policy Objectives
title_full_unstemmed	Access to Financial Services : A Review of the Issues and Public Policy Objectives
title_sort	access to financial services : a review of the issues and public policy objectives
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2005/05/5800525/access-financial-services-review-issues-public-policy-objectives http://hdl.handle.net/10986/8958
_version_	1764407426921005056

Access to Financial Services : A Review of the Issues and Public Policy Objectives

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