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1、AccesstoFinancialServices:Measurement,ImpactandPoliciesThorstenBeckTilburgUniversityAsliDemirgüç-KuntTheWorldBankPatrickHonohanTrinityCollege,DublinMay15,2008Abstract:Inmanydevelopingcountrieslessthanhalfthepopulationhasaccesstoformalfinancialservices
2、,andinmostofAfricalessthanoneinfivehouseholdsdo.Lackofaccesstofinanceisoftenthecriticalmechanismforgeneratingpersistentincomeinequality,aswellasslowergrowth.Hence,expandingaccessremainsanimportantchallengeacrosstheworld,leavingmuchforgovernmentstodo.H
3、owever,notallgovernmentactionsareequallyeffectiveandsomepoliciescanbecounterproductive.Thispapersetsoutprinciplesforeffectivegovernmentpolicyonbroadeningaccess,drawingontheavailableevidenceandillustratingwithexamples.Thepaperconcludeswithdirectionsfor
4、futureresearch.JELCodes:KeyWords:InclusiveFinancialSystems,AccesstoFinance,IncomeDistribution,Growth,PovertyAlleviation,EconomicDevelopment,MicrofinanceWethankEmmanuelY.Jimenezandthreeanonymousrefereesforhelpfulcomments.Thispaper’sfindings,interpretat
5、ions,andconclusionsareentirelythoseoftheauthorsanddonotnecessarilyrepresenttheviewsoftheWorldBank,itsExecutiveDirectors,orthecountriestheyrepresent.I.IntroductionFinancialmarketsandinstitutionsexisttomitigatetheeffectsofinformationasymmetriesandtransa
6、ctioncoststhatpreventthedirectpoolingandinvestmentofsociety’ssavings.Theymobilizesavingsandprovidepaymentsservicesthatfacilitatetheexchangeofgoodsandservices.Inaddition,theyproduceandprocessinformationaboutinvestorsandinvestmentprojectstoguidethealloc
7、ationoffunds,monitorinvestmentsandexertcorporategovernanceafterthosefundsareallocated,andhelp1diversify,transformandmanagerisk.Whentheyworkwell,theyprovideopportunitiesforallmarketparticipantstotakeadvantageofthebestinvestmentsbychannelingfundstotheir
8、mostproductiveuses,henceboostinggrowth,improvingincomedistributionandreducingpoverty.Whentheydonot,growthopportunitiesaremissed,inequalitiespersist,andinextremecases,therecanbecostlycrises.Untilrecently,econometricresearchontheperformanceoffor
