Bank-Branch Supply, Financial Inclusion, and Wealth Accumulation

• 成果类型: Article
• 署名作者: Celerier, Claire; Matray, Adrien
• 署名单位: University of Toronto; Princeton University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhz046
• 发表日期: 2019
• 页码: 4767
• 关键词: credit; access; IMPACT; POOR; deregulation; constraints; consumption; COMPETITION; insurance; ECONOMICS

摘要

This paper studies how financial inclusion affects wealth accumulation. Exploiting the U.S. interstate branching deregulation between 1994 and 2005, we find that an exogenous expansion of bank branches increases low-income household financial inclusion. We then show that financial inclusion fosters household wealth accumulation. Relative to their unbanked counterparts, banked households accumulate assets in interest-bearing accounts, invest more in durable assets, such as vehicles, have a better access to debt, and have a lower probability of facing financial strain. The results suggest that promoting financial inclusion for low-income populations can improve household wealth accumulation and financial security.