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№ 2020/4

Institutional problems of economic development


KORNIVSKA Valeriia O.1

1Institute for Economics and Forecasting, NAS of Ukraine

Institutional risks of financial inclusion

Ekon. teor. 2020; 4:45-64https://doi.org/10.15407/etet2020.04.045


ABSTRACT ▼

The article presents the results of a research on the current processes of financial
inclusion, substantiates the concept of financial inclusion and its world level, and
systematizes the existing theoretical-methodological and empirical approaches to
determining its role for sustainable development. Based on the analysis of fundamental conditions and current factors of intensification of financial inclusion, the
author substantiates the real purpose and consequences of the introduction of
digital financial inclusion in national economies and in the global economy and
shows the role of global financial institutions in these processes. Particular attention is paid to the impact of financial inclusion on solving the problems of poverty
and inequality in society. It is shown that modern financial inclusion does not serve
the interests of the majority, but rather the interests of a clearly limited circle of
representatives of the global economic and financial elite by creating conditions for the invariance of financial inclusion for ordinary economic agents. The author
argues that the main long-term institutional risk of global financial inclusion and noncash circulation is the consent to the loss of financial freedom by market participants in the face of growing uncertainty in economic and social life and poverty.

Keywords:financial inclusion, World Bank, global corporations, monetization of demand, poverty, inequality, institutional risk


JEL: В 16; В 43

Article in Russian (pp. 45 - 64) DownloadDownloads :162
Article in Ukrainian (pp. 45 - 64) DownloadDownloads :274

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