This study comprises a quantitative approach to the determinants of financial inclusion in Peru based on micro-data from surveys. Significant correlations are used to identify those socioeconomic characteristics that may affect financial inclusion (or exclusion) of households and enterprises. We incorporate four levels of information: individuals, households, towns, and regions. The results show that the traditionally more vulnerable groups (women, individuals living in rural areas, and young people) are less likely to use the formal financial system. Loans and mortgages appear to be better drivers for financial inclusion than saving products. For enterprises, formality and education stand out as significant factors for financial inclusion. Access to the formal financial system seems to be a problem for households but not for enterprises, and households are also more affected by regional differences.
Economic literature identifies a gender gap in financial literacy. This paper tests to what extent this gender gap is due to a misspecification problem or whether it exists because boys and girls do indeed have differing ways of acquiring financial literacy. Our estimates show that the gender gap decreases by 20 per cent when the model includes the effect of non‐cognitive skills, for 15‐year‐old students in Spain. However, differences between boys and girls in financial literacy remain statistically significant.
The reform of the pension system of the Mexican Social Security Institute (IMSS) in 1997, limited the growing fiscal cost of the previous pay-as-you-go scheme. Sixteen years on from its creation, the Retirement Savings System (SAR) has had favourable macroeconomic effects for Mexico, as it has significantly increased financial savings and encouraged the development of local financial markets.However, the employment and pension coverage has not developed as hoped, due to the high rate of informality in the labour market. In addition, the replacement rates (RR) forecast for old-age pensions from the defined-contribution scheme will be low, due to problems exogenous to the pension system, such as low contribution rates and low contribution densities. The main objective of this study is to develop a macroeconomic and actuarial projection model to simulate the expected coverage and RR for the period 2012-2050, within the framework of a demographic and economic forecast that will allow a detailed diagnosis of the current conditions of the pension system. The results reveal the unpromising scenario that the pension system has and will continue to have in the long term, with limited improvements in coverage rates. The possibility of obtaining adequate pensions will be restricted to those who have socioeconomic conditions with a long employment history, who can thus make contributions to their individual accounts.Taking into account this baseline projection scenario, we simulate the expected effects of applying a set of proposals with the aim of tackling the main problems, such as the low coverage, low RR, and low level of participation by young people in the system.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.