Financial inclusion analysed from a dimensional reduction technique
Main Article Content
Keywords
Financial inclusion, downsizing, component analysis
Abstract
Objective: to analyze in the department of Sucre, Colombia the level of financial inclusion indices of the different products of the financial system such as savings, credit and insurance, studying in turn the factors that influence this level through the technique of downsizing. Method: exploratory, descriptive and cross sectional study, in which 541 surveys were carried out throughout the department of Sucre. With the information obtained, a database was constructed and the main variables of the study were calculated. Results: it was found that although the selected inclusion indicators are correlated, their variability is largely explained by a single factor. Discussions: there is still great exclusion of the population, especially in rural areas and in regions with economic backwardness such as the department of Sucre. Conclusions: in the department of Sucre there is very little access and use of each of the financial products, with remittances being the least used and insurance the most used, which denotes a low migration of Sucre´s population.
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References
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Omojolaibi, J. (2020). Financial Inclusion, Governance And Economic Progress in Nigeria : What Happens to the Welfare of the Poor ? 6(7), 72–86.
Raccanello, K. y Herrera, E. (2014). Educación e inclusión financiera. Revista Latinoamericana de Estudios Educativos (México), XLIV (2), 119–141. https://www.redalyc.org/articulo.oa?id=27031268005
Ramsay, J.O. (1996). Principal Differential Analysis: Data Reduction by Differential Operators. Journal of the Royal Statistical Society: Series B (Methodological), 58(3), 495–508. https://doi.org/10.1111/j.2517-6161.1996.tb02096.x
Roa, M.J. (2014). La inclusión y la estabilidad financieras. Centro de Estudios Monetarios Latinoamericanos, CEMLA, 1-25. https://ideas.repec.org/p/cml/docinv/15.html
Rodríguez-lozano, G. (2017). Inclusión financiera en Colombia. Análisis de su evolución en términos de eficiencia relativa. Cuadernos de Contabilidad, 18(45). https://doi.org/10.11144/Javeriana.cc18-45.ifca
Rodríguez-Raga, S. y Riaño-Rodríguez, F. (2016). Determinantes del acceso a los productos financieros en los hogares colombianos. Estudios Gerenciales, 32(138), 14–24. https://doi.org/10.1016/j.estger.2015.11.004
Santosh, N. (2013). Banking and financial inclusion. Srusti Management Review A Journal of Management & IT, VI (I), 37–42. http://srustimanagementreview.ac.in/paper_detail.php?id=MTg0
Setiawan, S. (2015). Financial depth and financial access in Indonesia. Journal of Indonesian Economy and Business, 30(2), 139–158. https://doi.org/10.22146/jieb.9962
Singh, G. (2010). Developing an Index of Financial Inclusion. Guru Arjan Dev Institute of Development Studies, 1–24. https://www.findevgateway.org/library/developing-index-financial-inclusion
Tejera, M. J. (2016). El sector financiero y su compromiso con la comunidad. Revista Atlántica de Economía, 2(1). https://dialnet.unirioja.es/servlet/articulo?codigo=5776338
Terrádez, M. (2012). Análisis de componentes principales. España: UOC.
Uchenna-Okoye, L., Adetiloye, K., Erin, O. & Evbuomwan, G. (2017). Financial Inclusion as a Strategy for Enhanced Economic Growth and Development. Journal of Intenet Banking and Commercer, S8 (001), 1–14. http://www.icommercecentral.com/special-issues/special-issues8-mobile-banking-a-service-provider-perspective.html
Uddin, A., Chowdhury, M. A. F. & Islam, M. N. (2017). Determinants of Financial Inclusion in Bangladesh: Dynamic GMM & Quantile Regression Approach. The Journal of Developing Areas 51(2), 221-237. https://doi.org/10.1353/jda.2017.0041
Zulfiqar, K., Muhammad-Aslam, C. & Aribah, A. (2016). Financial Inclusion and its Implications for Inclusive Growth in Pakistan. Pakistan Economic and Social Review, 54(2), 297–325. http://pu.edu.pk/home/journal/7/V_54_No_2_Winter2016.html
Almenara-Barrios, J., García-Ortega, C., González-Caballero, J. L. y Abellán-Hervás, M. J. (2002). Creación de índices de gestión hospitalaria mediante análisis de componentes principales. Salud Publica de México, 44(6), 533–540. http://www.scielo.org.mx/scielo.php?script=sci_arttext&pid=S0036-36342002000600005
Anaya-Narváez, A. & Romero-Álvarez, Y. (2018). Financial inclusion in Sincelejo (Colombia). A Probit econometric model. Ecos De Economía: A Latin American Journal of Applied Economics, 22(46), 91-110. https://doi.org/10.17230/ecos.2018.46.4
Arun, T. & Kamath, R. (2015). Financial inclusion: Policies and practices. IIMB Management Review, 27(4), 267–287. https://doi.org/10.1016/j.iimb.2015.09.004
Austria, M. A. (2007). Construcción de índices de desempeño financiero mediante el Análisis de Componentes Principales, 2004-2005. Análisis Económico, 22(51), 199–222. http://www.redalyc.org/articulo.oa?id=41311486011
Bai, J. & Ng, S. (2012). Determining the Number of Factors in Approximate Factor Models. Econometrica, 70(1), 191–221. https://doi.org/10.1111/1468-0262.00273
Banco de la República de Colombia. (Junio, 2017). Estrategia nacional de educación Financiera. Bogotá: Colombia. https://www.banrep.gov.co/es/comunicado-23-06-2017-2
Banco Mundial. (2018). Inclusión Financiera. https://www.worldbank.org/en/topic/financialinclusion/overview
Bansal, S. (2014). Perspective of Technology in Achieving Financial Inclusion in Rural India. Procedia Economics and Finance, 11(14), 472–480. https://doi.org/10.1016/S2212-5671(14)00213-5
Dai-Won, K., Jum-Suk, Y. & Hassan, M. K. (2018). Financial inclusion and economic growth in OIC countries. Research in International Business and Finance, 43, 1-14. https://doi.org/10.1016/j.ribaf.2017.07.178
Demirgüç-kunt, A. & Klapper, L. (2013). Measuring Financial Inclusion: Explaining Variation in Use of Financial Services across and within Countries. Brooking Papers on Economic Activity, 44(1), 279–338. https://econpapers.repec.org/article/binbpeajo/v_3a44_3ay_3a2013_3ai_3a2013-01_3ap_3a279-340.htm
Díaz, L.G. (2007). Estadística multivariada: inferencia y métodos. Bogotá: Universidad Nacional de Colombia.
Ferruz-Agudo, L., Marco-Sanjúan, I. y Muñoz-Sánchez, F.(2009). Fondos de inversión éticos, ecológicos y socialmente responsables en Europa (1999-2007). Aposta: Revista de ciencias sociales, (41), 1696-7348. https://dialnet.unirioja.es/servlet/articulo?codigo=3108568
Fodor, I. K. (2002). A survey of dimension reduction techniques. Library, 18(1), 1–18. https://doi.org/10.2172/15002155
Ganesan, G. & Sadhanandan, H. D. (2014). Role of IT in Promoting Financial Inclusion Products: A Study with Reference to Commercial Banking Practices. International Journal of Banking Risk and Insurance, 2(2), 41–45. http://www.publishingindia.com/ijbri/56/343/2014/
Ghosh, S. & Vinod, D. (2017). What Constrains Financial Inclusion for Women? Evidence from Indian Micro data. World Development, 92, 60–81. https://doi.org/10.1016/j.worlddev.2016.11.011
Global Partnership for Financial Inclusion [GPFI]. (2018, 27 de marzo). Baden-Baden G20 Communiqué Commits to Advance Financial Inclusion. GPFI. http://www.gpfi.org/news/baden-baden-g20-communiqu-commits-advance-financial-inclusion
Mballa, L.V. (2017). Desarrollo local y microfinanzas como estrategias de atención a las necesidades sociales : un acercamiento teórico conceptual. Revista Mexicana de Ciencias Políticas y Sociales, 62(229), 101–128. http://www.scielo.org.mx/scielo.php?script=sci_arttext&pid=S0185-19182017000100101&lng=es&nrm=iso
Omojolaibi, J. (2020). Financial Inclusion, Governance And Economic Progress in Nigeria : What Happens to the Welfare of the Poor ? 6(7), 72–86.
Raccanello, K. y Herrera, E. (2014). Educación e inclusión financiera. Revista Latinoamericana de Estudios Educativos (México), XLIV (2), 119–141. https://www.redalyc.org/articulo.oa?id=27031268005
Ramsay, J.O. (1996). Principal Differential Analysis: Data Reduction by Differential Operators. Journal of the Royal Statistical Society: Series B (Methodological), 58(3), 495–508. https://doi.org/10.1111/j.2517-6161.1996.tb02096.x
Roa, M.J. (2014). La inclusión y la estabilidad financieras. Centro de Estudios Monetarios Latinoamericanos, CEMLA, 1-25. https://ideas.repec.org/p/cml/docinv/15.html
Rodríguez-lozano, G. (2017). Inclusión financiera en Colombia. Análisis de su evolución en términos de eficiencia relativa. Cuadernos de Contabilidad, 18(45). https://doi.org/10.11144/Javeriana.cc18-45.ifca
Rodríguez-Raga, S. y Riaño-Rodríguez, F. (2016). Determinantes del acceso a los productos financieros en los hogares colombianos. Estudios Gerenciales, 32(138), 14–24. https://doi.org/10.1016/j.estger.2015.11.004
Santosh, N. (2013). Banking and financial inclusion. Srusti Management Review A Journal of Management & IT, VI (I), 37–42. http://srustimanagementreview.ac.in/paper_detail.php?id=MTg0
Setiawan, S. (2015). Financial depth and financial access in Indonesia. Journal of Indonesian Economy and Business, 30(2), 139–158. https://doi.org/10.22146/jieb.9962
Singh, G. (2010). Developing an Index of Financial Inclusion. Guru Arjan Dev Institute of Development Studies, 1–24. https://www.findevgateway.org/library/developing-index-financial-inclusion
Tejera, M. J. (2016). El sector financiero y su compromiso con la comunidad. Revista Atlántica de Economía, 2(1). https://dialnet.unirioja.es/servlet/articulo?codigo=5776338
Terrádez, M. (2012). Análisis de componentes principales. España: UOC.
Uchenna-Okoye, L., Adetiloye, K., Erin, O. & Evbuomwan, G. (2017). Financial Inclusion as a Strategy for Enhanced Economic Growth and Development. Journal of Intenet Banking and Commercer, S8 (001), 1–14. http://www.icommercecentral.com/special-issues/special-issues8-mobile-banking-a-service-provider-perspective.html
Uddin, A., Chowdhury, M. A. F. & Islam, M. N. (2017). Determinants of Financial Inclusion in Bangladesh: Dynamic GMM & Quantile Regression Approach. The Journal of Developing Areas 51(2), 221-237. https://doi.org/10.1353/jda.2017.0041
Zulfiqar, K., Muhammad-Aslam, C. & Aribah, A. (2016). Financial Inclusion and its Implications for Inclusive Growth in Pakistan. Pakistan Economic and Social Review, 54(2), 297–325. http://pu.edu.pk/home/journal/7/V_54_No_2_Winter2016.html
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Published
Jan 31, 2020
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Romero-Álvarez, Y., Niebles-Núñez, W., & Niebles-Núñez, L. (2020). Financial inclusion analysed from a dimensional reduction technique. Desarrollo Gerencial, 12(1), 1–17. https://doi.org/10.17081/dege.12.1.3588
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