Gender and financial inclusion in Colombia
Main Article Content
Keywords
Financial inclusion, gender, Colombia, Global Findex Database
Abstract
The access to the formal financial system allows people to be organized financially, save money and plan for the future. However, there is still a high percentage of the Colombian population that is outside the financial system, especially women. The objective of this paper is to measure, through an econometric model based on the data of the World Bank´s 2014 Global Findex Database, the difference in gender regarding the financial inclusion in Colombia during 2014. In order to do so, three categories are taken into account and they measure (i) the access to services from a formal financial institution, (ii) their active use, and (iii) the active use of informal financial services. The latter is relevant because it takes into account that segment of the population that is marginalized from the formal services of the financial sector. Overall, it is shown that being a woman has a negative impact regarding inclusion on the formal financial system, understanding this inclusion as the access, and effective use of formal financial services.
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References
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Honohan, P. (2008). Cross-country variation in household access to financial services. Journal of Banking & Finance, 32, 2493-2500.
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Kokorovic, M., & Softic, A. (2016). Comparative analysis of financial inclusion in developing regions around the world. Journal of Economics and Business, 14(2), 56-65.
Lee, J., Abdul-Rahman, F., & Kim, H. (2007). Debit card usage: an examination of its impact on. Financial Services Review, 16(1), 73-87.
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Méndez, A., (2011). Evaluación del impacto de las microfinanzas sobre los ingresos y la generación de empleo en Colombia. Cuadernos de Administración, 27(46), 81-102.
Sahay, R., Cihak, M., N´Diaye, P., Barajas, A., Mitra, S., Kyobe, A., Mooi, Y., & Reza, S. (2015). Financial Inclusion: Can It Meet Multiple Macroeconomic Goals? Recuperado de https://www.imf.org/external/pubs/ft/sdn/2015/sdn1517.pdf
Superintendencia Financiera de Colombia (2016). Reporte Inclusión Financiera 2016. Recuperado de http://bancadelasoportunidades.gov.co/es/reportes/%2A
The Consultative Group to Assist the Poor (2018). Género y empoderamiento. Recuperado de https://www.microfinancegateway.org/es/temas/g%C3%A9nero-y-empoderamiento
UNSGSA. (2017). The Imperative of Financial Inclusion. Recuperado de https://www.unsgsa.org/about/financial-inclusion
Van der Werff, A., Hogarth, J., & Peach, N. (2013). A Cross-Country Analysis of Financial Inclusion within the OECD. Recuperado de http://www.consumerinterests.org/assets/docs/CIA/CIA2013/OralSess2013/a%20cross%20country%20analysis%20of%20unbanked%20within%20the%20oecd%20-
Vinod, D., & Ghosh, S. (2017). What Constrains Financial Inclusion for Women? Evidence from Indian Micro Data. World Development, 92, 60-81.
Wooldridge, J. (2012). Introductory Econometrics: A Modern Approach. Mason: Cengage Learning.
Zins, A., & Weill, L. (2016). The determinants of financial inclusion in Africa. Review of Development Finance, 6(1), 46-57.
AFI. (2017). Strategies integrating gender and women's financial inclusion into national strategies. Recuperado de http://www.afi-global.org/sites/default/files/publications/2017-03/GuidelineNote-27%20FIS-Gender%20and%20FIS.pdf
Allen, F., Demirgüc-Kunt, A., Klapper, L., & Martinez, M. (2016). The foundations of financial inclusion: Understanding ownership and use of formal accounts. Journal of Financial Intermediation, 27, 1-30.
Andrade, L., & Cadena, A. (2010). Colombia´s lesson in economic development. Recuperado de https://www.mckinsey.com/global-themes/americas/colombias-lesson-in-economic-development
Banco Interamericano de Desarrollo. (2015). Inclusión financiera en América Latina y el Caribe. Recuperado de https://publications.iadb.org/bitstream/handle/11319/6990/CMF_DP_Inclusion_financiera_en_ALC.pdf
Banco Mundial. (2013). Nuevo estudio del Banco Mundial descubre enormes brechas de género en acceso a servicios bancarios informales. Recuperado de http://www.bancomundial.org/es/news/feature/2013/04/19/New-World-Bank-Study-Finds-Large-Gender-Gaps-in-Access-to-Formal-Banking
Banco Mundial. (2017). Financial Inclusion. Recuperado de http://www.worldbank.org/en/topic/financialinclusion/overview#1Berkson, J. (1951). Why I Prefer Logits to Probits. Biometrics, 7(4), 327-339.
Cano, C., Esguerra, M., García, N., Rueda, L., & Velasco, A. (2014). Inclusión financiera en Colombia. Recuperado de http://www.banrep.gov.co/sites/default/files/eventos/archivos/sem_357.pdf
Cecchetti, S., Flores-Lagunes, A., & Krause, S. (2006). Financial Development, Consumption Smoothing, and the Reduced Volatility of Real Growth. Recuperado de http://people.brandeis.edu/~cecchett/WPpdf/2007_CFLK_Volatility.pdf
Comisión Intersectorial de Inclusión Financiera. (2016). Estrategia Nacional de Inclusión Financiera en Colombia. Recuperado de http://www.minhacienda.gov.co/HomeMinhacienda/ShowProperty?nodeId=%2FOCS%2FP_MHCP_WCC-041673%2F%2FidcPrimaryFile&revision=latestreleased
Cull, R., Ehrbeck, T., & Holle, N. (2014). La inclusión financiera y el desarrollo: pruebas recientes de su impacto. Recuperado de https://www.cgap.org/sites/default/files/FocusNote-Financial-Inclusion-and-Deelopment-April-2014-Spanish.pdf
Departamento Administrativo Nacional de Estadística (2015). Boletín del Censo General. Recuperado de http://www.dane.gov.co/files/censo2005/gene_15_03_07.pdf
Demirgüc-Kunt, A., Beck, T., & Honohan, P. (2008). Finance for All? Policies and Pitfalls in Expanding Access. Recuperado de https://openknowledge.worldbank.org/handle/10986/6905
Demirgüc-Kunt, A., & Klapper, L. (2013). Measuring Financial Inclusion: Explaining Variation in Use of Financial Services Across and Within Countries. Recuperado de https://www.brookings.edu/wp-content/uploads/2016/07/2013a_klapper.pdf
Demirgüc-Kunt, A., Klapper, L., & Singer, D. (2013b). Financial inclusion and legal discrimination against women: evidence from developing countries. Recuperado de http://documents.worldbank.org/curated/en/801311468330257772/Financial-inclusion-and-legal-discrimination-against-women-evidence-from-developing-countries
Euler Hermes Economic Research. (2016). Country Report Colombia. Recuperado de http://www.eulerhermes.com/economic-research/blog/EconomicPublications/colombia-country-report-dec16.pdf
Fungacova, Z., & Weill, L. (2015). Understanding financial inclusion in China. China Economic Review, 34, 196-206.
Fusaro, M. (2013). Why do people use debit cards: evidence from checking accounts. Recuperado de http://onlinelibrary.wiley.com/doi/10.1111/ecin.12008/abstract
Global Findex database. (2014). Financial Inclusion. Recuperado de http://datatopics.worldbank.org/financialinclusion/Infographics/WB_GlobalFindex_GlobalInfographic_0406_final.pdf
Gopalan, S., & Kikuchi, T. (Eds.) (2016). Financial Inclusion in Asia: Issues and Policy Concerns. Londres: MacMillan.
Grimes, P., Rogers, K., & Campbell, R. (2010). High School Economic Education and Access to Financial Services. Journal of Consumer Affairs, 4(2), 317-335.
Honohan, P. (2008). Cross-country variation in household access to financial services. Journal of Banking & Finance, 32, 2493-2500.
Kempson, E., Atkinson, A., & Pilley, O. (2006). Policy level response to financial exclusion in developed economies. Recuperado de http://www.bristol.ac.uk/media-library/sites/geography/migrated/documents/pfrc0409.pdf
Kim, D., Yu, J., & Hassan, M. (2018). Financial inclusion and economic growth in OIC countries. Research in International Business and Finance, 43, 1-14.
Kokorovic, M., & Softic, A. (2016). Comparative analysis of financial inclusion in developing regions around the world. Journal of Economics and Business, 14(2), 56-65.
Lee, J., Abdul-Rahman, F., & Kim, H. (2007). Debit card usage: an examination of its impact on. Financial Services Review, 16(1), 73-87.
Market Line (2016). Country Profile Series: Colombia, In-depth Pestle insights. Recuperado de http://ezproxy.eafit.edu.co:2132/eds/pdfviewer/pdfviewer?sid=dc473930-fe63-4bfa-98f7-2a052b7998d2%40sessionmgr4009&vid=0&hid=4202
Mason, A. (1988). Saving, Economic Growth, and Demographic Change. Population and Development Review, 113-144.
Méndez, A., (2011). Evaluación del impacto de las microfinanzas sobre los ingresos y la generación de empleo en Colombia. Cuadernos de Administración, 27(46), 81-102.
Sahay, R., Cihak, M., N´Diaye, P., Barajas, A., Mitra, S., Kyobe, A., Mooi, Y., & Reza, S. (2015). Financial Inclusion: Can It Meet Multiple Macroeconomic Goals? Recuperado de https://www.imf.org/external/pubs/ft/sdn/2015/sdn1517.pdf
Superintendencia Financiera de Colombia (2016). Reporte Inclusión Financiera 2016. Recuperado de http://bancadelasoportunidades.gov.co/es/reportes/%2A
The Consultative Group to Assist the Poor (2018). Género y empoderamiento. Recuperado de https://www.microfinancegateway.org/es/temas/g%C3%A9nero-y-empoderamiento
UNSGSA. (2017). The Imperative of Financial Inclusion. Recuperado de https://www.unsgsa.org/about/financial-inclusion
Van der Werff, A., Hogarth, J., & Peach, N. (2013). A Cross-Country Analysis of Financial Inclusion within the OECD. Recuperado de http://www.consumerinterests.org/assets/docs/CIA/CIA2013/OralSess2013/a%20cross%20country%20analysis%20of%20unbanked%20within%20the%20oecd%20-
Vinod, D., & Ghosh, S. (2017). What Constrains Financial Inclusion for Women? Evidence from Indian Micro Data. World Development, 92, 60-81.
Wooldridge, J. (2012). Introductory Econometrics: A Modern Approach. Mason: Cengage Learning.
Zins, A., & Weill, L. (2016). The determinants of financial inclusion in Africa. Review of Development Finance, 6(1), 46-57.