普惠金融 | 为何如此重要？

金融部门是现代经济体系中优化资源配置、保持经济稳定至关重要的部门，优质高效的金融服务是一个经济体持续稳定发展的基石。反过来，如果一个经济体中的正规金融服务部门既不能有效配置资源，又不能保持基本金融服务对所有市场主体和全民的普适性，则既不能实现效率也不能保证公平。

2021年6月，《中共中央国务院关于支持浙江高质量发展建设共同富裕示范区的意见》[1]正式向全社会发布，该《意见》开宗明义地指出“共同富裕是社会主义的本质要求，是人民群众的共同期盼”。值得注意的是，《意见》中多次提及“普惠”二字，指出实现共同富裕，要做到“公共服务普及普惠”。按照我们的理解，公共服务的普及普惠化，应该既是共同富裕的一个体现，同时也是实现其他共同富裕目标的基础。而普惠金融亦是如此，由于金融服务在现代经济中的重要性，普惠金融或者说是金融包容性，也既是要实现的社会目标，也是实现其他社会目标（如减少群体间城乡间收入差距、提高弱势群体的福利）的基础和保证。

普惠金融（Inclusive Finance）是一个全球性议题，由联合国在2005年正式提出，对于发展中国家具有特殊的重要性。为了弄清楚“普惠金融为何如此重要”这一问题，本期我们翻译了普惠金融全球合作伙伴（Global Partnership for Financial Inclusion，简称GPFI）网页上对这一问题的阐述。

英文标题：Why Financial Inclusion[2]
中文标题：普惠金融为何如此重要？
来源：GPFI官方网站

世界银行全球普惠金融(GlobalFindex)数据库显示，全球20亿成年人（约占成年人总人口的一半）无法通过正式金融机构获得金融服务。然而在高收入国家中持有账户这是几乎普遍存在的现象，其中94%的成年人表示他们在正规金融机构开设了账户，相比而言，发展中国家的成年人持有账户这一比例仅54%。

因此，发展中国家的人们只能依靠非正规的金融渠道获得贷款或者储蓄，来保证自己在现金流不均衡、存在季节性收入影响或者疾病等计划外的货币需求。由于缺乏正规的金融途径，穷人被迫转向高利率的信贷，与此同时他们也更多的选择牲畜或持有黄金等方式替代金融机构的储蓄，遇到突发状况往往不得不典当资产。

缺乏金融包容性可能导致经济增长放缓并带来持续的收入不平等。在后者的情况下，发展中国家的女性处于最为不利的地位。在65%的男性拥有正式的银行账户的情况下，仅有58%的女性持有账户。事实上，在不同收入群体之间始终存在7个百分点的性别差距，在发展中国家则存在9个百分点的性别差距。事实证明，允许广泛获得金融服务，在使用金融服务时不设价格或非价格壁垒，并以负责任的方式提供，有利于穷人和其他弱势群体。资本的可得性使穷人也能够实现一定的商业机会，带来福利效应。

金融包容性对贫困家庭也有许多直接的好处，他们通过使用贷款或储蓄来促进消费，可以减小健康问题带来的冲击，或者在耐用品、房屋装修或学费方面进行家庭投资(Collins，Morduh，Rutherford，and Ruthven2009)。其他金融产品，如保险，也可以帮助穷人管理风险。研究表明，金融包容性可以提高女性的经济能力水平。宏观经济证据表明，金融中介作用更深入的经济体往往增长的更快，收入不平等程度也相应减少(Beck, Demirguc-Kuteand Levine2007)。

参考文献

[1]Collins D, Morduch J, Rutherford S, & Ruthven O. Portfolios of the Poor: How the World's Poor Live on $2 a Day[M]. Princeton University Press, 2009, 296 pp.

[2] Beck T , Asli Demirgü-Kunt, Levine R . Finance, inequality and the poor[J]. Journal of Economic Growth, 2007, 12(1):27-49.

英文原文

Why Financial Inclusion

The World Bank Global Financial Inclusion( Global Findex[3] )Database indicates that 2 billion adults globally—about half the total adult population—have no access to financial services delivered by regulated financial institutions. While account penetration is nearly universal in high-income economies, with 94 percent of adults reporting that they have an account at a formal financial institution, it is only 54 percent in developing economies.

Instead, those in developing economies must depend on informal mechanisms for loans, savings and to protect themselves against risks such as uneven cash flows, seasonal incomes and unplanned needs such as sickness. Due to a lack of access, the poor are forced to rely on moneylenders for credit at high rates of interest, they use substitutes such as livestock or gold as a form of savings, and in emergencies they often have to pawn assets.

The absence of financial inclusion can also contribute to slower economic growth and persistent income inequality. On the latter, it is women who are most disadvantaged in developing economies. While 65 percent of men have a formal bank account, only 58 percent of women do. Indeed, there is a persistent gender gap of 7 percentage points across income groups, and 9 points within developing economies. Allowing broad access to financial services, without price or non-price barriers to their use and offered in a responsible manner, have been shown to benefit poor people and other disadvantaged groups. The availability of capital will allow poor people to realize small business opportunities, with flow on welfare effects.

Financial inclusion also has many direct benefits to poor households that are using loans or savings to accelerate consumption, absorb shocks such as health issues, or make household investments in durable goods, home improvements or school fees (Collins, Morduch, Rutherford, and Ruthven 2009[4]). Other financial products, such as insurance, can also help the poor manage risks. Research shows that financial inclusion can result in women’s economic empowerment. There is also macroeconomic evidence to show that economies with deeper financial intermediation tend to grow faster and reduce income inequality (Beck, Demirgüç-Kunt, and Levine 2007[5]).

参考资料

[1] 《中共中央国务院关于支持浙江高质量发展建设共同富裕示范区的意见》: http://www.gov.cn/zhengce/2021-06/10/content_5616833.htm

[2] Why Financial Inclusion | GPFI: https://www.gpfi.org/why-financial-inclusion

[3] Global Findex: http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTRESEARCH/EXTPROGRAMS/EXTFINRES/EXTGLOBALFIN/0,,contentMDK:23147627~pagePK:64168176~piPK:64168140~theSitePK:8519639,00.html

[4] Collins, Morduch, Rutherford, and Ruthven 2009: http://www.portfoliosofthepoor.com/index.asp

[5] Beck, Demirgüç-Kunt, and Levine 2007: http://link.springer.com/article/10.1007%2Fs10887-007-9010-6