The financial inclusion paradigm is increasingly considered a veritable development model. Therefore, we argue that a deeper understanding of it is necessary for enabling policies and strategies that would yield positive development outcomes (successful financial inclusion). We explore this argument by first, defining “effective financial inclusion” along the lines of identifiable population groups that are often financially excluded from mainstream financial services; and second, by hypothesizing that large national savings pools are a crucial prerequisite for effective financial inclusion. Furthermore, we posit that if effective, financial inclusion should enhance economic welfare, thus engendering “successful financial inclusion.” We evaluate these hypotheses by using a battery of econometric techniques, and document robust supportive findings. Moreover, we evolve first-of-its-kind robust definition of financial inclusion and provide unambiguous evidence that would guide governments and other stakeholders on how to leverage financial inclusion, as a development model, more productively. Importantly, we highlight the primacy of large savings pools for effective financial inclusion.

中文翻译：

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有效的普惠金融和本末倒置的必要性：储蓄！


普惠金融范式越来越被认为是一种名副其实的发展模式。因此，我们认为，更深入地理解它对于产生积极发展成果（成功的金融包容性）的有利政策和战略是必要的。我们首先探讨了这一论点，根据通常在财务上被排除在主流金融服务之外的可识别人群来定义“有效的金融包容性”;其次，通过假设庞大的国家储蓄池是有效普惠金融的关键先决条件。此外，我们认为，如果有效，普惠金融应该会提高经济福利，从而产生“成功的普惠金融”。我们使用一系列计量经济学技术来评估这些假设，并记录了强有力的支持性发现。此外，我们发展了首创的金融包容性稳健定义，并提供明确的证据，指导政府和其他利益相关者如何更有效地利用金融包容性作为一种发展模式。重要的是，我们强调大型储蓄池对于有效的金融包容性至关重要。