Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/202429 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Working Paper No. 310
Versionsangabe: 
Revised version, July 2019
Verlag: 
University of Zurich, Department of Economics, Zurich
Zusammenfassung: 
We propose a monetary model with endogenous credit market participation to study the impact of financial inclusion on inequality and welfare. We find that consumption inequality results from differences in agents' decision to access financial services. This heterogeneity generates a pecuniary externality, potentially resulting in some agents over-consuming. Moreover, monetary policy has distributional consequences. To quantify these effects, we calibrate our model to India, accounting for a third of observed consumption inequality. Finally, we analyze various policies aimed at increasing financial inclusion and find that a direct transfer to bank account holders yields the highest welfare and lowest consumption inequality.
Schlagwörter: 
money
credit
banking
financial inclusion
inequality
JEL: 
E40
E50
Dokumentart: 
Working Paper

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