Arbeitspapier
A model of endogenous financial inclusion: Implications for inequality and monetary policy
We propose a monetary model with endogenous credit market participation to study the impact of financial inclusion on inequality and welfare. We find that consumption inequality results from differences in agents' decision to access financial services. This heterogeneity generates a pecuniary externality, potentially resulting in some agents over-consuming. Moreover, monetary policy has distributional consequences. To quantify these effects, we calibrate our model to India, accounting for a third of observed consumption inequality. Finally, we analyze various policies aimed at increasing financial inclusion and find that a direct transfer to bank account holders yields the highest welfare and lowest consumption inequality.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 310
- Klassifikation
-
Wirtschaft
Money and Interest Rates: General
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
- Thema
-
money
credit
banking
financial inclusion
inequality
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Lahcen, Mohammed Ait
Gomis-Porqueras, Pedro
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Zurich, Department of Economics
- (wo)
-
Zurich
- (wann)
-
2019
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Lahcen, Mohammed Ait
- Gomis-Porqueras, Pedro
- University of Zurich, Department of Economics
Entstanden
- 2019
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