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Measures to assist in capacity-building and capacity development Article 22 The Conference of the Parties serving as the meeting of the Parties to the Nagoya Protocol ,. Recalling Article 22 of the Nagoya Protocol, which requires Parties to cooperate in the capacity-building, capacity development and strengthening of human resources and institutional capacities to implement effectively the Nagoya Protocol in developing country Parties, in particular the least developed countries and small island developing States among them, and Parties with economies in transition,. Underscoring the critical importance of capacity-building and development to the effective implementation of the Nagoya Protocol,.

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Candidate in Business Administration and Management. Email: gboitano ulima. Email: aloe. The purpose of the research is to identify the main determinants of financial inclusion in Peru at the department level without Lima from to , aiming to analyze the challenges faced by financial inclusion policies. A two-stage GMM method was used to estimate a panel data model where the endogenous variable is Sarma's financial inclusion index The results indicate that bank concentration is the main variable affecting financial inclusion.

At the same time, although the effect of technology is positive, it is diminishing over time due to the inefficient deployment of such technology and, in many cases, a lack of knowledge on how to use it, especially in the remote areas of Peru. This research aims to analyze the factors affecting financial inclusion at the department level in Peru, focusing on elements that, to date, have been considered regarding the country's financial inclusion policy.

To address the lack of access to basic financial services, the concept of "financial inclusion" or "inclusive finance" was introduced. To fulfill the goal of this paper, a panel data model is built considering, as an endogenous variable, Sarma's financial inclusion index. Data is collected about several variables that are considered as explanatory variables of financial inclusion. The analysis is carried out from to The importance of the research lies in two facts.

On the one hand, an important number of people is excluded from the benefits of participating in the financial market SBS, , , which affects them in several ways: they are at the mercy of informal sources, have disadvantages in managing their daily finances, do not have the ability to build up savings or invest money to create a business to improve their welfare, and so on.

In summary, these agents are not capable of breaking the vicious circle of poverty that affects the economy and social policy of a country. Such exclusion has several causes. At its roots, social exclusion, poverty, and illiteracy are considered as the most important ones. However, other factors should be considered too in solving the problem. There are macro-level factors, factors on the side of demand and factors on the side of supply.

Thus, to analyze the challenges Peru must confront to reduce financial exclusion, it is necessary to know what factors influence financial inclusion and how they affect it, so that recommendations can be suggested. The research is organized as follows: first, a theoretical framework is developed to understand what financial inclusion means and what its main causes and consequences could be, as well as to describe some of the policies applied around the world.

Second, a literature review is carried out to understand empirical research that has been undertaken for a long time. Third, a contextual framework is presented to get familiar with the context and reality of Peru.

Fourth, the methodology is explained, and the results are estimated and quantitatively interpreted. Finally, the conclusions and recommendations are elaborated. First, it is important to have in mind a clear definition of financial inclusion and what it implies in concrete terms.

Having the World Bank framework in mind, Jaramillo, Aparicio, and Cevallos indicate that in a country there could be found different groups of agents regarding their access and use of formal financial services: there might be agents who have access to and use the formal financial system and, at the same time, other agents that have access, but do not use it voluntary exclusion ; there might also be individuals who have indirect access to financial services because, for example, a family member living at the same house is a user of financial services.

In this way, the determinants of access and use of financial services can be seen in a supply and demand framework for financial services, the main factors being financial service prices and consumer income Talledo, However, other non-price factors from the supply side, such as distribution points, risk management, and institutional environment, are also important in determining access to and the use of financial services Talledo, On the demand side, financial illiteracy, cultural barriers, lack of need, lack of awareness, and perceptions regarding individual creditworthiness may restrain financial access and usage Talledo, Given the appropriate conditions from the supply and demand sides, this would translate into the use of financial services, which would be a second stage Talledo, Thus, following Talledo , having financial service points nearby does not automatically imply their use, a decision that may be the result of voluntary or involuntary exclusion from financial services.

Moreover, the poor find it more difficult to build up savings and create assets to defend themselves against risks, as well as to invest in projects that generate income, given that they do not have access to formal financial services.

Therefore, access to the financial system is an important tool to generate opportunities, since it allows for households to benefit from the market. Consequently, Beck determines that financial deepening has a great influence on structural transformations, poverty and income inequality reduction, especially in developing countries, so financial inclusion is a priority Wang'oo, ; Kim, Finally, Rajeev and Vani emphasize that financial inclusion helps both the poor and the government, because it allows the income improvement of poor people who gain a better quality of life, and, at the same time, it makes it easier for the government to locate and direct funds to reduce poverty.

But what causes financial exclusion? The obstacles that prevent greater financial inclusion can vary widely; they can be at the micro or macro level and be located on the demand or the supply side Karpowicz, Table 1 summarizes the most important factors that explain financial exclusion.

As a result of financial exclusion, a series of costs and consequences are observed. Burgess and Pande , as cited by Kumar , indicate that the effects of financial exclusion are conditional to the type and scope of the services refused. What mechanisms and measures have countries taken in the world to try to improve financial inclusion?

According to Hannig and Jansen , until the s, developing countries directed public funds at subsidized rates to specific agents and controlled the range of activities for which these funds could be used. On the side of multilateral organizations, as mentioned by Jaramillo, Aparicio, and Cevallos , the proposals of the World Bank promote the development of infrastructure and information technologies, as well as improvements in education, health, and market access. Literature review shows that numerous studies have identified the impact of different determinants of financial inclusion or exclusion.

For instance, Sarma and Pais find that the proportion of non-productive assets is inversely related to financial inclusion, while the ratio of capital assets is negatively associated with financial inclusion, so that when this ratio is high, financial agents have a tendency to be more careful about accepting the financially excluded.

In the same way, they demonstrate that foreign ownership in the banking sector has a negative effect, while government ownership does not have a noteworthy effect. In addition, Sarma and Pais also state that interest rates do not seem to be considerably linked to financial inclusion. On the other hand, Bogdan and Totan conclude based on their results that the variables of growth rate, unemployment, inflation, and real income index significantly influence financial inclusion. The authors have found that remittances have a positive impact on financial inclusion, but they have no effect on credits.

Likewise, Allen, Demirguc-Kunt, Klapper and Martinez suggest that greater financial inclusion is associated with lower costs of financial services account maintenance , closeness to financial intermediaries, having stronger legal rights, and more politically stable settings.

They also mention, however, that policy effectiveness to stimulate inclusion fluctuates according to the distinctiveness of persons. On the other hand, Sharma suggests a positive relationship between economic growth and several features of financial inclusion bank penetration, possibility to obtain banking services, and the use of them in terms of deposits. Similarly, Talledo shows that available and affordable service points in terms of shorter travel time to a financial service point predict a higher probability of formal access to credit and lower probability of requesting an informal loan.

In addition, higher educational attainment, employment, marriage, number of dependents, and a higher level of welfare are positively associated with the probability of applying for a loan, especially in a formal institution.

Moreover, Talledo adds that those who perceive formal credit costs and process length as the most important factors in loan application are more likely to ask for a formal loan, which may imply a higher knowledge that allows them to better compare their available options and choose the least expensive and fastest one.

They also mention that gender is a robust factor of access to financing, and the size of households is a significant determinant too. Likewise, Wentzel, Diatha, and Yadavalli identify eight demographic factors that earlier researches emphasized as probably related to financial exclusion.

These factors were gender, age, the main source of income, state of home ownership, marital status, highest educational level reached, number of dependents supported by the respondent, and geographic location. In their review, Thoene and Turriago-Hoyos suggest that financial education is the most critical variable in the examination of financial inclusion and social improvement. Also, Rajeev and Vani point out that information and communications technologies solutions help banks to capture customer data and facilitate the service of transactions and remote information, helping to reduce the problem of information asymmetry.

On the other hand, Wang and Guan indicate based on their results that a person's income, education, and the use of communication equipment are critical factors explaining the intensity of financial inclusion, while financial depth and banking health are the main determinants. In their study, Park and Mercado point out that per capita income, rule of law, and demographic characteristics considerably affect inclusion.

The results show that financial inclusion significantly correlates with lower levels of poverty and income inequality. Subsequently, Lopez and Winkler demonstrate that credit activities in rural areas can be structured to become sustainable and that institutions with a greater emphasis on rural costumers cannot achieve the same economies of scale and productivity than those focusing on non-rural areas; consequently, the development of financial inclusion in rural areas is harder than in non-rural ones.

In the same direction, Chandwani and Kulkarni conclude that gaps in digital literacy and financial education must be overcome in order to obtain the desired result on financial inclusion. On the other hand, Sotomayor, Talledo and Wong point out that a good economic position of the individual and, therefore, a better ability to pay, such as higher income, physical assets, saving money, and having internet services, help access the financial system.

They also point out that other variables, such as higher educational levels, being married, and, in the case of small urban and rural segments, knowledge of how to calculate a simple interest rate would also facilitate access to credit.

They add that gender does not imply differences in access to credit, and that, in rural segments, income does not seem to affect the ownership or use of deposit accounts. In the same way, the population's perceptions about banks and the criteria used when requesting financial services also seem to influence financial inclusion. In conclusion, the review of literature shows that there are different factors that can positively or negatively affect financial inclusion.

However, there are some commonalities among the studies. Thus, there are demand side factors that determine the degree of financial inclusion of an economy, which focus on the characteristics of individuals or agents; these include, among others, income, employment status, education level, gender, culture, the amount of assets held, the degree of formality. But there are also supply side factors that have various effects on inclusion or exclusion, such as distance from service points, technology and the use of it to facilitate access and information collection and to realize transactions, the cost of financial services, the transparency and simplicity of financial products, bank concentration, among others.

The analysis also shows that macroeconomic factors as well could help improve the degree of financial inclusion of a country. These macro-level factors are the degree of development of physical and technological infrastructure, regulations and their applicability, the informality of the economy, the degree of economic and social inequality, the proportion of urban development compared to rural growth, population density, economic growth, and poverty level.

Peru has implemented a series of joint efforts between the public and private sectors in order to tackle the problem of low access and use of financial services in general, which resulted not only in the promulgation of the Electronic Money Law, but also in the establishment of a National Financial Inclusion Strategy NFIS Vega, Thus, in , the Inter-Institutional Committee on Financial Inclusion was implemented to define the NFIS, and seven key areas of interest were identified: digital payments, savings, credits, insurances, consumer protection, financial education, and vulnerable groups Vega, Two particular situations can be found in Peru.

This concentration affects financial inclusion. Second, the high degree of informality in the economy limits, deviates or prevents people's access to the banking system, which, by its nature and in accordance with local and international regulations Basel Agreement , requires reliable tools for analyzing the payment capacity of users as for the potential recovery of the credits granted , while maintaining a high standard of information quality, as well as for the classification of credits and debtors.

It is important to highlight some of the advances in the financial inclusion process in Peru. According to the SBS , between June and June , the number of banking agents increased from to per , adults nationwide.

This growth was due to the expansion of infrastructure and a greater degree of sharing of agents among banks. On the other hand, regarding the use of financial services, the SBS indicates that during the last five years, 1. In the same period, , micro and small entrepreneurs were incorporated into the financial system, reaching about 2. In this process, microfinance entities have played an important role, since they have a greater participation in low-income segments, unlike traditional banks.

At the same time, there are important differences between the degree of progress in Lima with respect to the provinces. In that sense, methodologically speaking, this research examines 23 Peruvian departments during and , without considering Lima. The central government applies national policies of financial inclusion in these departments at horizontal levels, and although there are differences among them at the socio-economic level, the tendency goes in the same direction in search of the well-being of the population.

To develop the present research, a panel data model is proposed where the endogenous variable is financial inclusion, measured by Sarma's index. Sarma uses three factors to explain financial inclusion in a single index.

In his methodology, information derived from several dimensions of financial inclusion is captured in a single digit that fluctuates between zero and one, where zero indicates complete financial exclusion and one denotes complete financial inclusion. These three dimensions result in the indicator of financial inclusion or IFI, using the following calculation:. The results of the financial inclusion index applied to the departments of Peru are presented in Annexes 1 to 3 , showing that the department with the highest inclusion is Arequipa and the lowest is Huancavelica for the period under analysis.

The estimation is made using the two-stage generalized method of moments GMM. GMM is used when there exist endogeneity problems. Thus, under this method, the X variables must be explained by Z instruments. Furthermore, the number of Z instruments is greater than the number of endogenous X variables.

Digital Transformation of the Economy: Challenges, Trends and New Opportunities

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East Asia's strong focus on economic growth has necessitated a careful SME finance, non-bank finance, and mobile financial services. Southeast Asia: Strategic Context and Trends' () 5(3) Journal of Islamic Financial Stability Board, Global Shadow Banking Monitoring Report Ibid.


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About the Journal. Microeconomics is the study of how individuals and businesses make choices regarding the best use of limited resources. Accountants create financial records of business transactions, and prepare statements containing the assets, liabilities, and operating results of a business. Make the value-creating steps occur in tight sequence so the product will flow smoothly toward the customer.

Candidate in Business Administration and Management. Email: gboitano ulima. Email: aloe. The purpose of the research is to identify the main determinants of financial inclusion in Peru at the department level without Lima from to , aiming to analyze the challenges faced by financial inclusion policies. A two-stage GMM method was used to estimate a panel data model where the endogenous variable is Sarma's financial inclusion index

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Financial Crisis E mail: bilalazizposwal hotmail. This paper seeks to explain some main factors behind the Financial Crisis with a special focus on the Real Estate Bubble and Transparency and Accountability Issues in US Financial System and how these two factors generated and worsen the crisis.

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Stock Markets, Banks, and Growth: Panel GMM and OLS, Dependent Variable: () dismisses finance as a major determinant of economic growth calling its role technological innovation, and steady-state growth rates. monitoring of investments and implementation of corporate governance, (iii) trading.

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