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Prices or Knowledge? What Drives Demand for Financial Services in Emerging Markets?
Professor Shawn Cole of Harvard business school and co-authors (Prof. Thomas Sampson of Harvard business school and Bilal zia of the world bank) write on the effect of financial literacy & moderate subsidies on the probability of opening a bank savings account in emerging, highly populated nations like India and Indonesia.
Issue Date - 10/11/2011
Ultimately, however, our results suggest that financial deepening may be more easily achieved through measures designed to reduce the price of financial services, such as promoting competition or low-cost technological solutions like mobile banking, than through large-scale financial literacy education. A carefully designed, focused and targeted financial literacy program, one that is more cost effective than a large-scale effort, may serve as a valuable complement to such financial reform.

Steven Philip Warner           

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