Distinguishing constraints on financial inclusion and their impact on GDP, TFP, and the distribution of income

• 成果类型: Article
• 署名作者: Dabla-Norris, Era; Ji, Yan; Townsend, Robert M.; Unsal, D. Filiz
• 署名单位: International Monetary Fund; Hong Kong University of Science & Technology; Massachusetts Institute of Technology (MIT)
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2020.01.003
• 发表日期: 2021
• 关键词: financial frictions; occupational choice; Income distribution; welfare; transitional dynamics

摘要

A general equilibrium model featuring multiple realistic sources of financial frictions is developed to study how different constraints interact in equilibrium. We highlight, distinguish, and evaluate their differential impacts and rich interactions. The economic impact of financial inclusion policies in an economy depends not only on which constraint is alleviated, but also on the tightness of other constraints. Policy instruments should target the most binding constraint, which likely varies across countries. Moreover, there are important tradeoffs between financial inclusion, GDP, and the distribution of income. The transitional dynamics also differ from those in steady states. Policy makers should consider both. (C) 2020 Elsevier B.V. All rights reserved.