Evaluation of financial inclusion in Hidalgo, Mexico: Application of an Exploratory Spatial Data Analysis
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financial inclusion, exploratory spatial data analysis (ESDA)
Financial inclusion is one of the systems that promotes economic growth and development of a region, so the importance of measuring it has increased. Thus, in the Mexican context, there is a lack of evidence of measures of financial inclusion and geostatistical techniques to identify spatial distribution in the supply and demand of financial inclusion at municipal level. Therefore, the initial purpose of this research is to construct two Financial Inclusion Indexes, one focused on supply (IFo) and another on demand (IFd), that is why the research will have a quantitative approach of deductive cut using data of Hidalgo from the years of 2016 to 2020 to verify evolution, from the Comisión Nacional Bancaria y de Valores. The methodology is similar to the previously used by the United Nations Development Programme (UNDP) for computation indexes. In a second moment, an Exploratory Spatial Data Analysis (ESDA) is applied, with the techniques called: Moran Index and Local Spatial Association Index (LISA). The results show that in 2016, considering IFo, 98.81% of municipalities of Hidalgo are classified as Low Financial Inclusion, this value is the same for 2020. At IFd, in 2016, 94.05% of municipalities of Hidalgo are classified as Low Financial Inclusion, increasing to 97.62% in 2020, showing a reduction in the area. The ESDA shows that IFo and IFd have a positive and significant spatial autocorrelation and the LISA identifies the existence of clusters of municipalities with high, low and atypical values, therefore it is relevant for the formulation of regional policies, since it was possible to identify and map the places that favor or disfavor financial inclusion of supply and demand.
Keywords: Financial Inclusion, Exploratory Spatial Data Analysis (ESDA)
A. Atkinson y F. Messy, «Promoting Financial Inclusion through Financial Education: OECD/INFE Evidence, Policies and Practice», OECD Publishing, OECD Working Papers on Finance, Insurance and Private Pensions 34, oct. 2013. doi: 10.1787/5k3xz6m88smp-en
A. Barajas, T. Beck, M. Belhaj, y S. Ben Naceur, «Financial Inclusion: What Have We Learned So Far? What Do We Have to Learn?», IMF Work. Pap., vol. 20, n.o 157, ago. 2020, doi: 10.5089/9781513553009.001
A. Demirgüç-Kunt y L. Klapper, «Measuring Financial Inclusion: Explaining Variation in Use of Financial Services across and within Countries», Brook. Pap. Econ. Act., vol. 2013, n.o 1, Art. n.o 1, 2013, doi: 10.1353/eca.2013.0002.
A. F. Herrera García, «Inclusión financiera femenina en México: una herramienta para su empoderamiento», FEMERIS Rev. Multidiscip. Estud. Género, vol. 4, n.o 3, Art. n.o 3, oct. 2019, doi: 10.20318/femeris.2019.4934
Alliance for Financial Inclusion, «La medición de la inclusión financiera para entes reguladores: Diseño e implementación de encuestas». AFI, 2011. [En línea]. Disponible en: https://www.afiglobal.org/sites/default/files/pdfimages/afi%20policy%20paper-SP%20(2).pdf
C. M. Zulaica Piñeyro, «Financial Inclusion Index: Proposal Of A Multidimensional Measure For Mexico», Rev. Mex. Econ. Finanz., vol. 8, n.o 2, Art. n.o 2, jul. 2013, doi: 10.21919/remef. v8i2.46
Comisión Nacional Bancaria y de Valores, «Bases de Datos de Inclusión Financiera», Inclusión Financiera, 2021. http://www.gob.mx/cnbv/accionesyprogramas/basesdedatosdeinclusionfinanciera (accedido may. 20, 2021).
Consejo Nacional de Inclusión Financiera, «Política Nacional de Inclusión Financiera», Comité de Educación Financiera, México, 2020. [En línea]. Disponible en: https://www.gob.mx/cms/uploads/attachment/file/643214/PNIF__2020.pdf
Consultative Group to Assist the Poor, «Global Standard-Setting Bodies and Financial Inclusion for the Poor», Global Partnership for Financial Inclusion, G-20, 2011. [En línea]. Disponible en: https://www.gpfi.org/sites/gpfi/files/documents/White-Paper-Global-Standard-Setting-Bodies-Oct-2011.pdf
D. Sharma, «Nexus between financial inclusion and economic growth: Evidence from the emerging Indian economy», J. Financ. Econ. Policy, vol. 8, n.o 1, Art. n.o 1, abr. 2016, doi: 10.1108/JFEP-01-2015-0004
D.-W. Kim, J.-S. Yu, y M. K. Hassan, «Financial inclusion and economic growth in OIC countries», Res. Int. Bus. Finance, vol. 43, pp. 1-14, ene. 2018, doi: 10.1016/j.ribaf.2017.07.178
E. Lara, K. Azar, y D. Mejía, Inclusión Financiera de las Mujeres en América Latina. Situación Actual y recomendaciones de política. Corporación Andina de Fomento, 2018
G. Amidžić, A. Massara, y G. Mialou, «Assessing Countries’ Financial Inclusion Standing — A New Composite Index», J. Bank. Financ. Econ., vol. 2/2017, n.o 8, Art. n.o 8, sep. 2017, doi: 10.7172/2353-6845.jbfe.2017.2.5
G. Clarke, L. C. Xu, y H. Zou, «Finance and Income Inequality», The World Bank, Washington, DC, No. 2984. [En línea]. Disponible en: https://openknowledge.worldbank.org/bitstream/handle/10986/18276/multi0page.pdf?sequence=1&isAllowed=y
Global Partnership for Financial Inclusion, «2017 G20 Financial Inclusion Action Plan». GPFI, 2017. [En línea]. Disponible en: https://www.gpfi.org/sites/gpfi/files/documents/2017%20G20%20 Financial%20Inclusion%20Action%20Plan%20final.pdf
I. Bozkurt, R. Karakuş, y M. Yildiz, «Spatial Determinants of Financial Inclusion over Time: Determinants of Financial Inclusion», J. Int. Dev., vol. 30, n.o 8, Art. n.o 8, nov. 2018, doi: 10.1002/jid.3376
J. de J. Salazar Cantú, R. Cruz Rodríguez Guajardo, y J. Jaramillo Garza, «Inclusión financiera y cohesión social en los municipios de México», Rev. Mex. Econ. Finanz., vol. 12, n.o 3, Art. n.o 3, jul. 2017, doi: 10.21919/remef.v12i3.96
L. Anselin, «Local Indicators of Spatial Association-LISA», Geogr. Anal., vol. 27, n.o 2, pp. 93-115, 1995, doi: 10.1111/j.15384632.1995.tb00338.x
M. J. Roa, «Inclusión financiera en América Latina y el Caribe: acceso, uso y calidad», Bol. CEMLA, pp. 121-148, 2013
M. Sarma, «Index of Financial Inclusion – A measure of financial sector inclusiveness», en Working Paper 215, Neh Delhi, 2008, p. 20. [En línea]. Disponible en: http://hdl.handle.net/10419/176233
P. Dupas y J. Robinson, «Savings Constraints and Microenterprise Development: Evidence from a Field Experiment in Kenya», National Bureau of Economic Research, Cambridge, MA, 14693, ene. 2009. doi: 10.3386/w14693
P. Honohan, «Cross-country variation in household access to financial services», J. Bank. Finance, vol. 32, n.o 11, pp. 2493-2500, nov. 2008, doi: 10.1016/j.jbankfin.2008.05.004
P. K. Ozili, «Social inclusion and financial inclusion: international evidence», Int. J. Dev. Issues, vol. 19, n.o 2, Art. n.o 2, abr. 2020, doi: 10.1108/IJDI-07-2019-0122
P. Nandru y S. Rentala, «Demandside analysis of measuring financial inclusion: Impact on socio-economic status of primitive tribal groups (PTGs) in India», Int. J. Dev. Issues, vol. 19, n.o 1, Art. n.o 1, oct. 2019, doi: 10.1108/IJDI-06-2018-0088
R. Burgess y R. Pande, «Do Rural Banks Matter? Evidence from the Indian Social Banking Experiment», Am. Econ. Rev., vol. 95, n.o 3, Art. n.o 3, may 2005, doi: 10.1257/0002828054201242
R. Gupte, B. Venkataramani, y D. Gupta, «Computation of Financial Inclusion Index for India», Procedia - Soc. Behav. Sci., vol. 37, pp. 133-149, 2012, doi: 10.1016/j.sbspro.2012.03.281
R. Yorulmaz, «An analysis of constructing global financial inclusion indices», Borsa Istanb. Rev., vol. 18, n.o 3, Art. n.o 3, sep. 2018, doi: 10.1016/j.bir.2018.05.001
S. A. Balasubramanian, T. Kuppusamy, y T. Natarajan, «Financial inclusion and land ownership status of women», Int. J. Dev. Issues, vol. 18, n.o 1, Art. n.o 1, abr. 2019, doi: 10.1108/IJDI-06-2018-0091
S. Claessens, «Access to Financial Services: A Review of the Issues and Public Policy Objectives», World Bank Res. Obs., vol. 21, n.o 2, Art. n.o 2, ago. 2006, doi: 10.1093/wbro/lkl004
S. Goel y R. Sharma, «Developing a Financial Inclusion Index for India», Procedia Comput. Sci., vol 122, pp. 949-956, 2017, doi: 10.1016/j. procs.2017.11.459
S. K. Lenka y R. Barik, «A discourse analysis of financial inclusion: postliberalization mapping in rural and urban India», J. Financ. Econ. Policy,vol. 10, n.o 3, Art. n.o 3, ago. 2018, doi: 10.1108/JFEP-11-2015-0065
S. K. Sethy, «Developing a Financial Inclusion Index and Inclusive Growth in India: Issues and Challenges», Indian Econ. J., vol. 63, n.o 2, Art. n.o 2, jul. 2015, doi: 10.1177/0019466220150210
S. Orazi, L. B. Martinez, y H. P. Vigier, «La inclusión financiera en América Latina y Europa», Ens. Econ., vol. 29, n.o 55, Art. n.o 55, jul. 2019, doi: 10.15446/ede.v29n55.79425
S. Neaime y I. Gaysset, «Financial inclusion and stability in MENA: Evidence from poverty and inequality», Finance Res. Lett., vol. 24, pp. 230-237, mar. 2018, doi: 10.1016/j.frl.2017.09.007
S. Prina, «Banking the poor via savings accounts: Evidence from a field experiment», J. Dev. Econ., vol. 115, pp. 16-31, jul. 2015, doi: 10.1016/j.jdeveco.2015.01.004
T. Beck, A. Demirguc-Kunt, y M. S. M. Peria, «Reaching out: Access to and use of banking services across countries», J. Financ. Econ., vol. 85, pp. 234-266,2006
T.-H. Le, A. T. Chuc, y F. Taghizadeh- Hesary, «Financial inclusion and its impact on financial efficiency and sustainability: Empirical evidence from Asia», Borsa Istanb. Rev., p. S2214845019301267, jul. 2019, doi: 10.1016/j.bir.2019.07.002
W. Siabato y J. Guzmán-Manrique, «La autocorrelación espacial y el desarrollo de la geografía cuantitativa», Cuad. Geogr. Rev. Colomb. Geogr., vol. 28, n.o 1, pp. 1-22, ene. 2019, doi: 10.15446/rcdg.v28n1.76919
X. Xu, «Trust and financial inclusion: A cross-country study», Finance Res. Lett., vol. 35, p. 101310, jul. 2020, doi: 10.1016/j. frl.2019.101310
Financial inclusion is one of the systems that promotes economic growth and development of a region, so the importance of measuring it has increased. Thus, in the Mexican context, there is a lack of evidence of measures of financial inclusion and geostatistical techniques to identify spatial distribution in the supply and demand of financial inclusion at municipal level. Therefore, the initial purpose of this research is to construct two Financial Inclusion Indexes, one focused on supply (IFo) and another on demand (IFd), that is why the research will have a quantitative approach of deductive cut using data of Hidalgo from the years of 2016 to 2020 to verify evolution, from the Comisión Nacional Bancaria y de Valores. The methodology is similar to the previously used by the United Nations Development Programme (UNDP) for computation indexes. In a second moment, an Exploratory Spatial Data Analysis (ESDA) is applied, with the techniques called: Moran Index and Local Spatial Association Index (LISA). The results show that in 2016, considering IFo, 98.81% of municipalities of Hidalgo are classified as Low Financial Inclusion, this value is the same for 2020. At IFd, in 2016, 94.05% of municipalities of Hidalgo are classified as Low Financial Inclusion, increasing to 97.62% in 2020, showing a reduction in the area. The ESDA shows that IFo and IFd have a positive and significant spatial autocorrelation and the LISA identifies the existence of clusters of municipalities with high, low and atypical values, therefore it is relevant for the formulation of regional policies, since it was possible to identify and map the places that favor or disfavor financial inclusion of supply and demand.
Keywords: Financial Inclusion, Exploratory Spatial Data Analysis (ESDA)
A. Atkinson y F. Messy, «Promoting Financial Inclusion through Financial Education: OECD/INFE Evidence, Policies and Practice», OECD Publishing, OECD Working Papers on Finance, Insurance and Private Pensions 34, oct. 2013. doi: 10.1787/5k3xz6m88smp-en
A. Barajas, T. Beck, M. Belhaj, y S. Ben Naceur, «Financial Inclusion: What Have We Learned So Far? What Do We Have to Learn?», IMF Work. Pap., vol. 20, n.o 157, ago. 2020, doi: 10.5089/9781513553009.001
A. Demirgüç-Kunt y L. Klapper, «Measuring Financial Inclusion: Explaining Variation in Use of Financial Services across and within Countries», Brook. Pap. Econ. Act., vol. 2013, n.o 1, Art. n.o 1, 2013, doi: 10.1353/eca.2013.0002.
A. F. Herrera García, «Inclusión financiera femenina en México: una herramienta para su empoderamiento», FEMERIS Rev. Multidiscip. Estud. Género, vol. 4, n.o 3, Art. n.o 3, oct. 2019, doi: 10.20318/femeris.2019.4934
Alliance for Financial Inclusion, «La medición de la inclusión financiera para entes reguladores: Diseño e implementación de encuestas». AFI, 2011. [En línea]. Disponible en: https://www.afiglobal.org/sites/default/files/pdfimages/afi%20policy%20paper-SP%20(2).pdf
C. M. Zulaica Piñeyro, «Financial Inclusion Index: Proposal Of A Multidimensional Measure For Mexico», Rev. Mex. Econ. Finanz., vol. 8, n.o 2, Art. n.o 2, jul. 2013, doi: 10.21919/remef. v8i2.46
Comisión Nacional Bancaria y de Valores, «Bases de Datos de Inclusión Financiera», Inclusión Financiera, 2021. http://www.gob.mx/cnbv/accionesyprogramas/basesdedatosdeinclusionfinanciera (accedido may. 20, 2021).
Consejo Nacional de Inclusión Financiera, «Política Nacional de Inclusión Financiera», Comité de Educación Financiera, México, 2020. [En línea]. Disponible en: https://www.gob.mx/cms/uploads/attachment/file/643214/PNIF__2020.pdf
Consultative Group to Assist the Poor, «Global Standard-Setting Bodies and Financial Inclusion for the Poor», Global Partnership for Financial Inclusion, G-20, 2011. [En línea]. Disponible en: https://www.gpfi.org/sites/gpfi/files/documents/White-Paper-Global-Standard-Setting-Bodies-Oct-2011.pdf
D. Sharma, «Nexus between financial inclusion and economic growth: Evidence from the emerging Indian economy», J. Financ. Econ. Policy, vol. 8, n.o 1, Art. n.o 1, abr. 2016, doi: 10.1108/JFEP-01-2015-0004
D.-W. Kim, J.-S. Yu, y M. K. Hassan, «Financial inclusion and economic growth in OIC countries», Res. Int. Bus. Finance, vol. 43, pp. 1-14, ene. 2018, doi: 10.1016/j.ribaf.2017.07.178
E. Lara, K. Azar, y D. Mejía, Inclusión Financiera de las Mujeres en América Latina. Situación Actual y recomendaciones de política. Corporación Andina de Fomento, 2018
G. Amidžić, A. Massara, y G. Mialou, «Assessing Countries’ Financial Inclusion Standing — A New Composite Index», J. Bank. Financ. Econ., vol. 2/2017, n.o 8, Art. n.o 8, sep. 2017, doi: 10.7172/2353-6845.jbfe.2017.2.5
G. Clarke, L. C. Xu, y H. Zou, «Finance and Income Inequality», The World Bank, Washington, DC, No. 2984. [En línea]. Disponible en: https://openknowledge.worldbank.org/bitstream/handle/10986/18276/multi0page.pdf?sequence=1&isAllowed=y
Global Partnership for Financial Inclusion, «2017 G20 Financial Inclusion Action Plan». GPFI, 2017. [En línea]. Disponible en: https://www.gpfi.org/sites/gpfi/files/documents/2017%20G20%20 Financial%20Inclusion%20Action%20Plan%20final.pdf
I. Bozkurt, R. Karakuş, y M. Yildiz, «Spatial Determinants of Financial Inclusion over Time: Determinants of Financial Inclusion», J. Int. Dev., vol. 30, n.o 8, Art. n.o 8, nov. 2018, doi: 10.1002/jid.3376
J. de J. Salazar Cantú, R. Cruz Rodríguez Guajardo, y J. Jaramillo Garza, «Inclusión financiera y cohesión social en los municipios de México», Rev. Mex. Econ. Finanz., vol. 12, n.o 3, Art. n.o 3, jul. 2017, doi: 10.21919/remef.v12i3.96
L. Anselin, «Local Indicators of Spatial Association-LISA», Geogr. Anal., vol. 27, n.o 2, pp. 93-115, 1995, doi: 10.1111/j.15384632.1995.tb00338.x
M. J. Roa, «Inclusión financiera en América Latina y el Caribe: acceso, uso y calidad», Bol. CEMLA, pp. 121-148, 2013
M. Sarma, «Index of Financial Inclusion – A measure of financial sector inclusiveness», en Working Paper 215, Neh Delhi, 2008, p. 20. [En línea]. Disponible en: http://hdl.handle.net/10419/176233
P. Dupas y J. Robinson, «Savings Constraints and Microenterprise Development: Evidence from a Field Experiment in Kenya», National Bureau of Economic Research, Cambridge, MA, 14693, ene. 2009. doi: 10.3386/w14693
P. Honohan, «Cross-country variation in household access to financial services», J. Bank. Finance, vol. 32, n.o 11, pp. 2493-2500, nov. 2008, doi: 10.1016/j.jbankfin.2008.05.004
P. K. Ozili, «Social inclusion and financial inclusion: international evidence», Int. J. Dev. Issues, vol. 19, n.o 2, Art. n.o 2, abr. 2020, doi: 10.1108/IJDI-07-2019-0122
P. Nandru y S. Rentala, «Demandside analysis of measuring financial inclusion: Impact on socio-economic status of primitive tribal groups (PTGs) in India», Int. J. Dev. Issues, vol. 19, n.o 1, Art. n.o 1, oct. 2019, doi: 10.1108/IJDI-06-2018-0088
R. Burgess y R. Pande, «Do Rural Banks Matter? Evidence from the Indian Social Banking Experiment», Am. Econ. Rev., vol. 95, n.o 3, Art. n.o 3, may 2005, doi: 10.1257/0002828054201242
R. Gupte, B. Venkataramani, y D. Gupta, «Computation of Financial Inclusion Index for India», Procedia - Soc. Behav. Sci., vol. 37, pp. 133-149, 2012, doi: 10.1016/j.sbspro.2012.03.281
R. Yorulmaz, «An analysis of constructing global financial inclusion indices», Borsa Istanb. Rev., vol. 18, n.o 3, Art. n.o 3, sep. 2018, doi: 10.1016/j.bir.2018.05.001
S. A. Balasubramanian, T. Kuppusamy, y T. Natarajan, «Financial inclusion and land ownership status of women», Int. J. Dev. Issues, vol. 18, n.o 1, Art. n.o 1, abr. 2019, doi: 10.1108/IJDI-06-2018-0091
S. Claessens, «Access to Financial Services: A Review of the Issues and Public Policy Objectives», World Bank Res. Obs., vol. 21, n.o 2, Art. n.o 2, ago. 2006, doi: 10.1093/wbro/lkl004
S. Goel y R. Sharma, «Developing a Financial Inclusion Index for India», Procedia Comput. Sci., vol 122, pp. 949-956, 2017, doi: 10.1016/j. procs.2017.11.459
S. K. Lenka y R. Barik, «A discourse analysis of financial inclusion: postliberalization mapping in rural and urban India», J. Financ. Econ. Policy,vol. 10, n.o 3, Art. n.o 3, ago. 2018, doi: 10.1108/JFEP-11-2015-0065
S. K. Sethy, «Developing a Financial Inclusion Index and Inclusive Growth in India: Issues and Challenges», Indian Econ. J., vol. 63, n.o 2, Art. n.o 2, jul. 2015, doi: 10.1177/0019466220150210
S. Orazi, L. B. Martinez, y H. P. Vigier, «La inclusión financiera en América Latina y Europa», Ens. Econ., vol. 29, n.o 55, Art. n.o 55, jul. 2019, doi: 10.15446/ede.v29n55.79425
S. Neaime y I. Gaysset, «Financial inclusion and stability in MENA: Evidence from poverty and inequality», Finance Res. Lett., vol. 24, pp. 230-237, mar. 2018, doi: 10.1016/j.frl.2017.09.007
S. Prina, «Banking the poor via savings accounts: Evidence from a field experiment», J. Dev. Econ., vol. 115, pp. 16-31, jul. 2015, doi: 10.1016/j.jdeveco.2015.01.004
T. Beck, A. Demirguc-Kunt, y M. S. M. Peria, «Reaching out: Access to and use of banking services across countries», J. Financ. Econ., vol. 85, pp. 234-266,2006
T.-H. Le, A. T. Chuc, y F. Taghizadeh- Hesary, «Financial inclusion and its impact on financial efficiency and sustainability: Empirical evidence from Asia», Borsa Istanb. Rev., p. S2214845019301267, jul. 2019, doi: 10.1016/j.bir.2019.07.002
W. Siabato y J. Guzmán-Manrique, «La autocorrelación espacial y el desarrollo de la geografía cuantitativa», Cuad. Geogr. Rev. Colomb. Geogr., vol. 28, n.o 1, pp. 1-22, ene. 2019, doi: 10.15446/rcdg.v28n1.76919
X. Xu, «Trust and financial inclusion: A cross-country study», Finance Res. Lett., vol. 35, p. 101310, jul. 2020, doi: 10.1016/j. frl.2019.101310