Expanding access to finance to boost growth and reduce inequalities in Mexico:
The access to formal financial services in Mexico is particularly low. Access is also significantly unequal across income levels, gender, between rural and urban areas and across regions. SMEs access to bank credit is low, hampering firms' ability to grow and innovate. The use of cash and infor...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2022
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| Schriftenreihe: | OECD Economics Department Working Papers
no.1717 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The access to formal financial services in Mexico is particularly low. Access is also significantly unequal across income levels, gender, between rural and urban areas and across regions. SMEs access to bank credit is low, hampering firms' ability to grow and innovate. The use of cash and informal credit is still widespread, especially in rural areas, where financial infrastructure is underdeveloped. The diffusion of digital financial services is slowly advancing but remains low, hindered by a relatively low level of financial literacy and a digital divide. Expanding access to finance would enable Mexican households to invest in education and health, and better manage income shocks and smooth consumption. It would also enable Mexican firms to invest more, increase productivity and create formal jobs. Low-income households, small firms and more disadvantaged regions would particularly benefit, as it would unlock new economic opportunities for them. Boosting competition in the banking sector would facilitate SMEs access to credit by lowering interest rate margins. Upgrading the regulatory framework of the financial system would help increase competition and quality of financial services. The potential of the fintech sector is yet to be materialised, which would further increase competition and bring financial services to wider segments of the population. Strengthening financial education and digital literacy would facilitate a larger and better use of traditional and digital financial services. |
| Beschreibung: | 1 Online-Ressource (55 p.) 21 x 28cm. |
| DOI: | 10.1787/2de3cd7d-en |
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| 520 | |a The access to formal financial services in Mexico is particularly low. Access is also significantly unequal across income levels, gender, between rural and urban areas and across regions. SMEs access to bank credit is low, hampering firms' ability to grow and innovate. The use of cash and informal credit is still widespread, especially in rural areas, where financial infrastructure is underdeveloped. The diffusion of digital financial services is slowly advancing but remains low, hindered by a relatively low level of financial literacy and a digital divide. Expanding access to finance would enable Mexican households to invest in education and health, and better manage income shocks and smooth consumption. It would also enable Mexican firms to invest more, increase productivity and create formal jobs. Low-income households, small firms and more disadvantaged regions would particularly benefit, as it would unlock new economic opportunities for them. Boosting competition in the banking sector would facilitate SMEs access to credit by lowering interest rate margins. Upgrading the regulatory framework of the financial system would help increase competition and quality of financial services. The potential of the fintech sector is yet to be materialised, which would further increase competition and bring financial services to wider segments of the population. Strengthening financial education and digital literacy would facilitate a larger and better use of traditional and digital financial services. | ||
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| spelling | Maravalle, Alessandro VerfasserIn aut Expanding access to finance to boost growth and reduce inequalities in Mexico Alessandro, Maravalle and Alberto, González Pandiella Paris OECD Publishing 2022 1 Online-Ressource (55 p.) 21 x 28cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1717 The access to formal financial services in Mexico is particularly low. Access is also significantly unequal across income levels, gender, between rural and urban areas and across regions. SMEs access to bank credit is low, hampering firms' ability to grow and innovate. The use of cash and informal credit is still widespread, especially in rural areas, where financial infrastructure is underdeveloped. The diffusion of digital financial services is slowly advancing but remains low, hindered by a relatively low level of financial literacy and a digital divide. Expanding access to finance would enable Mexican households to invest in education and health, and better manage income shocks and smooth consumption. It would also enable Mexican firms to invest more, increase productivity and create formal jobs. Low-income households, small firms and more disadvantaged regions would particularly benefit, as it would unlock new economic opportunities for them. Boosting competition in the banking sector would facilitate SMEs access to credit by lowering interest rate margins. Upgrading the regulatory framework of the financial system would help increase competition and quality of financial services. The potential of the fintech sector is yet to be materialised, which would further increase competition and bring financial services to wider segments of the population. Strengthening financial education and digital literacy would facilitate a larger and better use of traditional and digital financial services. Economics Mexico González Pandiella, Alberto MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/2de3cd7d-en Volltext |
| spellingShingle | Maravalle, Alessandro Expanding access to finance to boost growth and reduce inequalities in Mexico Economics Mexico |
| title | Expanding access to finance to boost growth and reduce inequalities in Mexico |
| title_auth | Expanding access to finance to boost growth and reduce inequalities in Mexico |
| title_exact_search | Expanding access to finance to boost growth and reduce inequalities in Mexico |
| title_full | Expanding access to finance to boost growth and reduce inequalities in Mexico Alessandro, Maravalle and Alberto, González Pandiella |
| title_fullStr | Expanding access to finance to boost growth and reduce inequalities in Mexico Alessandro, Maravalle and Alberto, González Pandiella |
| title_full_unstemmed | Expanding access to finance to boost growth and reduce inequalities in Mexico Alessandro, Maravalle and Alberto, González Pandiella |
| title_short | Expanding access to finance to boost growth and reduce inequalities in Mexico |
| title_sort | expanding access to finance to boost growth and reduce inequalities in mexico |
| topic | Economics Mexico |
| topic_facet | Economics Mexico |
| url | https://doi.org/10.1787/2de3cd7d-en |
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