Preface List of Contributions Introduction 1

Transcription

1 Contents Preface V List of Contributions VII Introduction 1 Part I 1 Access to Bank Accounts and Payment Services Introduction: Financial Exclusion Interests, Concerns and Possible Solutions General Trends Underbanked Individuals and Fringe Banks Over-Indebtedness Financial Literacy The Service of General Interest Mission and the Community- Based Approach Concerns and Possible Solutions The Issue of Measurement and Comparative Analysis Types of Response Case Studies Europe The Situation Overseas Result from a Survey in France, Italy and Spain Conclusions and Future Perspectives References Access to Credit: the Difficulties of Households Introduction The Use of Credit by Households The Questionnaire Survey A Theoretical Framework for Credit Exclusion The Role of Credit to Overcome Social Exclusion Economic Rationales for Credit Exclusion Beating Credit Exclusion Lending to Households: a Profitable Business Area Reducing the Costs and Risks Associated with Households Loans

2 X Contents A Wider Scope for Not-For-Profit Intermediaries and Organizations Conclusions and Policy Implications References Access to Investments and Asset Building for Low Income People Saving and Asset Accumulation for LMIs: Theoretic Framework The USA Experience with the Individual Development Accounts (IDAs) Features of the IDA Accounts/Programs Stakeholders of the IDA Accounts/Programs Funding of the IDA Accounts/Programs Saving and Asset Accumulation with Tax Refunds The British Experience with the Child Trust Fund and the Savings Gateway Conclusions References and Bibliography Appendix - Comment on Data About the Access to Investment Services Appendix to Part I - Methodological Notes to the Field Research in France, Italy and Spain Part II 4 What Are the Specific Economic Gains from Improved Financial Inclusion? A Tentative Methodology for Estimating These Gains Introduction Defining Financial Exclusion European Evidence on Exclusion Market Context and European Policy Responses From Exclusion to Inclusion Identifying the Costs and Benefits Measuring the Economic Gains from Improved Financial Inclusion Conclusion References and Bibliography From Financial Exclusion to Overindebtedness: the Paradox of Difficulties for People on Low Incomes? Introduction A Definition of Financial Exclusion as a Social Phenomenon Return to the Definitions of Financial Exclusion Use Difficulties Financial Exclusion and Social Exclusion: Moving Towards an Overall Definition Access and Use of Credit: the Importance of Social Constraints The Financialisation of Social Relations Use of Credit as a Forced Response to Life Risks The Mechanisms Underlying Access and Use Difficulties

3 Contents XI The Reasons for the Banking Relationship The Need for Suitable Advice to Customers on Limited Incomes Banking Imperatives Versus Customisation of the Service Standardisation of the Service that Is the Source of Access and Use Difficulties, and Therefore of Overindebtedness Conclusion References The Role of German Savings Banks in Preventing Financial Exclusion Introduction Savings Banks as a Part of the German Banking System The Three-Pillar Structure of the German Banking System Key Facts of the Sparkassen-Finanzgruppe Relationships Between Municipalities and the Sparkassen- Finanzgruppe Recent Developments Affecting the Sparkassen-Finanzgruppe Is the Public Mandate of the Savings Banks Obsolete or a Successful Strategy to Prevent Financial Exclusion? Stipulations of the Public Mandate of German Savings Banks Provision of Basic Banking Services Nationwide Provision of Financial Services Financing of Small and Medium-Sized Enterprises Encouraging the Accumulation of Wealth and Financial Education Future Outlook on the Sparkassen-Finanzgruppe References Economic Growth and Financial Inclusion: the Case of Poland Introduction Transformation of the Polish Banking Sector and Provision of Banking Services Provision of Banking Services to Households and Corporations Models of Bank Services to SME Barriers to Providing Banking Services to SME: Results of Bank Surveys Conclusions References Italian Banks Credit Approach Towards Low-Income Consumers and Microenterprises: Is There a Bias Against Some Segments of Customers? Introduction Methodologies of Credit Risk Measurement: Credit Scoring Models The Choice of Highly Explanatory Variables Strengths and Weaknesses of Credit Scoring The Effects of the Adoption of Credit Scoring on a Marginal Borrower s Credit Process

4 XII Contents 8.5 The Experiences of Some Italian Banks Conclusions References Banking the Poor: Policies to Bring Low- and Moderate-Income Households in the United States into the Financial Mainstream The Unbanked and the Underbanked The Alternative Financial Sector The Costs of Being Unbanked The Banking Sector Barriers to Banking the Poor Governmental Policy and Private Sector Innovation Payments Systems and Distribution Networks Checks and Debit Cards ATMs Direct Deposit and Bill Payment Transforming Financial Services for the Poor A New First Accounts Tax Credit The Community Reinvestment Act State Policies and Welfare Reform Financial Education Reforming the Alternative Financial Sector Conclusion References Migrants and Remittances Migration Phenomena: Modern-Day Elements of an Ancient Phenomenon The Risk of Financial Exclusion Within a Broader Perspective Migration Phases and Personal Variables as Key Elements of Financial Needs Demand for Financial Services Aimed at Immigrants Migrant Remittance Behaviour Conclusions References Conclusions 373 Editors and Contributing Authors 377

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