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23 May 2013

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Asia-Pacific Publications Catalogue 2011

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MPDD Working papers: Towards Inclusive Financial Development for Achieving the MDGs in Asia and the Pacific

Author(s): Kunal Sen

Economic Sector(s): (1) Global, regional and multisectoral economic and social development strategies and policies; (2) Monetary and financial issues and policies; (3) National development planning

ESCAP Reference No.: WP/10/07

Division/Office: Macroeconomic Policy and Development

Published Date: October 2010

Country: {Non-country Specific Publication}

Hard Copy Price: Online Copy Only

Financial development enhances domestic resource mobilisation and also allows these resources to the most productive uses. While there is little doubt that financial development leads to higher economic growth which may then lead to poverty reduction, financial development in itself will allow developing countries to achieve the Millennium Development Goals (MDGs). We will argue in the paper that a more relevant dimension of financial development that is important for the achievement of the MDGs is inclusiveness of the financial system. We will develop concepts and measures of inclusive financial development and show that measures of inclusive financial development are positively correlated with progress towards the attainment of MDGs. We will also present evidence of how inclusive financial development can contribute to reaching the MDGs. Finally, we will discuss some analytical principles and issues relating to inclusiveness in financial development.

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1. INTRODUCTION

2. FINANCE, GROWTH AND POVERTY: THE INTER-RELATIONSHIPS

3. INCLUSIVE FINANCIAL DEVELOPMENT: CONCEPT, MEASURES AND PATTERNS

3.1 Inclusive financial development: What do we mean by it?

3.2 Inclusive financial development: How do we measure it?

3.3 Measures of inclusive financial development and their relationship with the MDGs

4. HOW DOES INCLUSIVE FINANCIAL DEVELOPMENT CONTRIBUTE TO PROGRESS TOWARDS THE MDGs?

4.1 Inclusive financial development and poverty reduction

4.2 Inclusive financial development and achieving universal primary education

4.3 Inclusive financial development and improving health outcomes

4.4 Inclusive financial development and women’s empowerment

5. INCLUSIVE FINANCIAL DEVELOPMENT – SOME ANALYTICAL ISSUES

5.1 Commercial banks

5.2 Development financial institutions

5.3 Microfinance

5.4 Microinsurance

5.5 Stock markets

5.6 Bond markets

5.7 Financial infrastructure

5.8 Financial innovation

6. POLICY RECOMMENDATIONS

6.1 Encouraging financial development

6.2 Encouraging the inclusiveness of the financial sector

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