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CGD’s work in this area focuses on strengthening financial systems in development countries through innovation and regulation.
Greater access for the poor to the formal financial system—including payments, savings, credit, and insurance—can greatly improve household stability and development prospects. CGD examines how to strengthen, broaden, and deepen financial systems in developing countries through innovation and regulation. We also study the effects of financial crises, to avoid and mitigate future shocks, and how developing countries can improve their business climates to spur inward investment.
Can biometric IDs encourage women’s financial inclusion and economic and social empowerment? In principle, the answer should be yes. But the potential impact is limited by a range of other impediments that limit women’s participation.
Like the mythical Roman god Janus, there are two faces to most of the economies of the MENA region. We can call them the young and the old. And that the choice for MENA governments to make is not which face of Janus to support, but rather how to ensure that both can co-exist and prosper.
Many factors could be cited for the low ratios of financial inclusion in Latin America, but in a recent paper we focus on the potential role of financial regulation. We assessed and compared the quality of the policies and regulations that impinge on financial inclusion in eight Latin American countries.
For the policymaker looking to improve services and the delivery of benefits, or for the financial institution trying to expand its customer base, the gap between technical solutions and the situation of the average technology user represents fertile ground for the many new opportunities that the digital economy provides.
Here at CGD, we’re always working on new ideas to stay on top of the rapidly changing global development landscape. Whether it’s examining new technologies with the potential to alleviate poverty, presenting innovative ways to finance global health, assessing changing leadership at international institutions, or working to maximize results in resource-constrained environments, CGD’s experts are at the forefront of practical policy solutions to reduce global poverty and inequality. Get an in-depth look below at their thoughts on the 2018 global development landscape.
As the price of bitcoin continues its dizzying rise—the currency briefly surpassed $19,000 yesterday—the already passionate debate about its role in the global economy has become even more heated. Over the last two months, prominent economists and financiers, including Citi CEO Jamie Dimon, former IMF Chief Economist Kenneth Rogoff, and former Chair of the US Federal Reserve Ben Bernanke have all voiced skepticism about the currency, triggering a loud response from the crypto community.
On October 4, CGD convened a private roundtable on women and financial technology in development alongside Monica Brand Engel, co-founding partner of Quona Capital (which invests in financial technology solutions in the developing world), and Wendy Jagerson Teleki of the International Finance Corporation. An engaged set of participants from MDBs, government, civil society, and the private sector joined Engel and Teleki in exchanging ideas on how to increase women’s representation in financial technology (or “fintech” for short) leadership and improve access to financial services for women.
Distributed ledger technology, like Bitcoin’s blockchain, has the potential to transform cross-border payments, boost financial inclusion, and lessen the unintended consequences of anti-money laundering enforcement. Ripple, a fintech company using distributed ledger technology, made headlines recently, as did the appearance of a new cryptocurrency, Zcash. If you’ve gotten swept up in the enthusiasm around emerging financial technologies (fintech), you may think that the creaking system of international transfers in fiat currencies, and the problems of global financial exclusion associated with it, will soon come to an end. However, as we’ve said before, these innovations may not have as much of an impact as you expect.
This paper presents lessons derived from the 2008–09 financial crisis for Latin America and developing countries in other regions that might seek economic growth in the context of greater integration to the international capital markets.
Social capital can help reduce adverse shocks by facilitating access to transfers and remittances.This study examines how various measures of social capital are associated with disaster recovery after the 2008 Sichuan earthquake.