Financial Exclusion,9781403990518

Financial Exclusion

by ; ;
ISBN13: 9781403990518
ISBN10: 1403990514
Format: Hardcover
Pub. Date: 2005-07-22
Publisher(s): Palgrave Macmillan
List Price: $130.00

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Summary

This text is concerned with the increasingly important and problematic area of financial exclusion, broadly defined as the inability and/or reluctance of particular societal groups to access mainstream financial services. There is growing evidence that deregulation in developed financial sectors improves financial inclusion for some societal groups, but may at the same time exacerbate it for others. In developing countries access to financial services is typically limited and therefore providing wider access to such services can aid financial and economic development.

Author Biography

Carbó Santiago is Professor of Economics at the University of Granada, Spain. He is also the Head of Research on Financial Systems at the Savings Banks Foundations (Funcas) in Spain. Edward P.M. Gardner is Professor of Banking and Finance, Director of the School for Business and Regional Development and Co-Director of the Institute of European Finance at the University of Wales, Bangor and the Bank of Valleta Chair in International Banking and Finance at the University of Malta. Philip Molyneux is Professor in Banking and Finance at the University of Wales, Bangor, UK, and at Erasmus University, Rotterdam, The Netherlands.

Table of Contents

List of Tables x
List of Figures xi
Glossary of Acronyms xii
Preface xv
Chapter 1 Introduction 1(3)
Aims and objectives
2(2)
Chapter 2 Nature, Consequences and Policy Reactions: An Overview 4(10)
Introduction
4(1)
Nature and causes
4(2)
The financially excluded
6(1)
Consequences of financial exclusion
7(2)
US experiences
9(1)
Responding to financial exclusion
10(2)
Conclusions
12(2)
Chapter 3 Financial Exclusion in the UK 14(31)
Introduction
14(1)
Financial exclusion in the UK and the nature of excluded groups
14(8)
Why is financial exclusion occurring in the UK?
22(5)
Excluded groups and products
27(8)
Barriers to financial inclusion
35(4)
Consequences of financial exclusion
39(4)
Conclusions
43(2)
Chapter 4 Tackling Financial Exclusion in the UK 45(37)
Introduction
45(1)
Government and financial sector partnership
45(3)
Universal banking and basic banking services
48(7)
Promoting financial literacy and closing the information gap
55(10)
Tailoring products and strategies
65(2)
Other institutional arrangements
67(5)
SMEs and micro credit (Microfinance)
72(5)
Regulation and financial exclusion
77(3)
Conclusions
80(2)
Chapter 5 Financial Exclusion in the US 82(16)
Introduction
82(1)
Nature and extent of the problem
82(5)
Causes and consequences
87(2)
Responses to financial exclusion in the US
89(4)
A note on select bank trends and developments
93(4)
Conclusions: Bank strategic implications
97(1)
Chapter 6 Financial Exclusion in Europe 98(14)
Introduction
98(1)
Policy and strategic context
99(3)
Select comparative data
102(4)
Responding to financial exclusion in Europe
106(1)
The market: Spain, Greece, Ireland and Italy
106(1)
The voluntary role of banks: France, Germany and Belgium
107(1)
The government as mediator: the UK and the attempt in France
108(1)
The government as legislator: France, Portugal and Sweden
108(2)
Conclusions: Bank strategic implications
110(2)
Chapter 7 European Policy on Financial Exclusion and Bank Strategies 112(33)
Introduction
112(1)
Market context and European policy responses
112(2)
Historical and institutional setting
114(1)
Policy responses to financial exclusion
115(2)
Bank strategies and products
117(4)
The contribution of economic theory
121(23)
Conclusions
144(1)
Chapter 8 Financial Exclusion in Developing Countries 145(24)
Introduction
145(1)
Features of financial exclusion in developing countries
145(2)
Rural economies and financial underdevelopment
147(4)
Exclusion and financial development
151(1)
Financial underdevelopment and the finance-growth nexus
152(5)
Financial development is pro-poor
157(3)
Mechanisms of financial inclusion in developing countries: informal financial networks and microfinance
160(1)
Rotating Saving and Credit Associations (ROSCA's)
160(2)
The microfinance revolution
162(2)
The Grameen Bank
164(1)
A note on the microfinance experience in Bolivia
165(1)
Development of formal intermediaries: some policy lessons
166(2)
Conclusions
168(1)
Chapter 9 Financial Exclusion - Areas for Further Study 169(2)
References 171(7)
Index 178

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