While financial inclusion is typically addressed by improving the financial infrastructure, we show that a higher degree of financial literacy also has a clear beneficial effect. We study this effect at the cross-country level, which allows us to consider institutional variation. Regarding...

While financial inclusion is typically addressed by improving the financial infrastructure we show that financial literacy, representing the demand-side of financial markets, also has a beneficial effect. We study this effect at the cross-country level, which allows to consider institutional...

The topic of financial inclusion has gained increased attention, on the background of international frameworks and policies devoted to inclusive societies, inclusive financial systems, sustainable and inclusive growth. However, existing literature and practice lack a generally accepted, reliable...