Leora Klapper

Last updated
Leora F Klapper
Leora Klapper (cropped to square).jpg
Alma materState University of New York at Binghamton
Stern School of Business, New York University
Occupation(s)Economist
Economic and Market Analyst
Researcher
Author
Speaker
Notable workThe Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution
Entrepreneurship Snapshots 2010: Measuring the Impact of the Financial Crisis on New Business Registration
Website https://sites.google.com/site/leoraklapper/

Leora F. Klapper is an American economist who currently works as a lead economist at the World Bank in the Finance and Private Sector research team as part of the Development Research group. [1] Klapper has held government jobs in Washington, DC and Jerusalem, Israel in the Bank of Israel, as well as having held private sector jobs for Peter L. Bernstein and the Salomon Brothers firm in New York. [1] [2] She is also the founder of The Global Findex Database and Entrepreneurship Database. [2] [3]

Contents

Education

Klapper received her B.S. in Economics and Math (with Honors) at the State University of New York at Binghamton in 1990. Klapper then earned her Ph.D. in Financial Economics from the Stern School of Business at New York University in 1998 where she specialized in Corporate Finance, Financial institutions, and wrote her final dissertation "Essays on Collateralization". [1] [2] While at the Stern School of Business, Klapper earned the Dean's "Outstanding Teaching Award" for a graduate instructor (1997), the Berkley Center for Entrepreneurial Studies Fellowship (1996-1998), and the University Doctoral Fellowship at New York University (1993-1996). [2]

Career

Klapper currently works as a Lead Economist in the Finance and Private Sector Research Team of the Development Research Group at the World Bank, having joined as a Young Economist in 1998, focusing on entrepreneurship, access to finance, corporate governance, bankruptcy, and risk management. [4] She has also been a co-editor for the World Bank Economic Review [2] since 2016. Klapper has previously held public sector jobs from 1988 to 1992 working for the Office of Management and Budget and the Federal Reserve Board of Governors in Washington, DC. [5] She has also worked public sector jobs abroad, working at the Bank of Israel from 1992 to 1993. [6] Klapper has also held many private sector jobs such as working for Peter L. Bernstein in New York, NY, as a researcher for the publication “Against the Gods: The Remarkable Story of Risk” from 1995 to 1996 [2] and having worked for the Salomon Brothers doing Economic and Market analysis from 1995 to 1998. [2] She has also been a member of the BBVA Financial Literacy Board from 2016 to present [7] [2] and a Data Fellow for the Mastercard Center for Inclusive Growth. [2]

Klapper is also an Implementing Partner of the G-20 Global Partnership for Financial Inclusion (2010–present). [2] [8] She is also currently working as her Majesty Queen Maxima of the Netherlands UN Secretary-General’s Special Advocate for Inclusive Finance and for Development (UNSGSA) as a Reference Group Member (2016–present). [2] [9] She has also held positions as a working group member for the World Economic Forum Financial Inclusion Metrics and the OECD, as well as a board member for insight2impact. [2]

Klapper has been invited to present at the World Economic Forum, Bloomberg Data for Good Exchange, several international banks, G20 Global Partnership Summits, The Guardian, the UN, the Brookings Foundation, as well as many business schools worldwide. [2] Her topics have ranged from financial inclusion lifting poverty, mobile money implementation, the link between financial inclusion and economic growth, gender and income discrepancies, to the digital revolution and female labour force participation. [2]

Research and academic work

Klapper's primary research fields include: Behavioral economics, consumer finance, digital payments, entrepreneurial finance, financial inclusion, risk management, and supply chain finance. [2] Much of Klapper's work explores the relationship between an economy's involvement in the financial system and how this effects income, growth, and wellbeing. She explores an economy's financial involvement in many different ways ranging from what being an active member in the formal financial system signals to an employer, to how financial inclusion disproportionately grows and affects people across gender, geography, and wealth. [2] [3] [5] Her research has been cited in 18,205 published and working papers, as well as being cited in press such as The New York Times, The Economist, The Wall Street Journal, The Guardian, and Forbes. [2]

Klapper's most prolific works include The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution [3] and Entrepreneurship Snapshots 2010: Measuring the Impact of the Financial Crisis on New Business, [10] both of which were published with the World Bank. Klapper has also contributed chapters to many different books on topics ranging from banking and financial inclusion in developing economies to entrepreneurship and its effect on firm formation. [2] Her current working papers include examining how civil conflict affects firm performance, [11] the effectiveness of government delivery of goods and services, [12] and benefits from illiquid savings products. [2] [13]

Select scholarship

"The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution"

Under the supervision of Asli Demirgüç-Kunt, Klapper oversaw a team of Dorothe Singer, Saniya Ansar, and Jake Hess to create a database and report that summarizes global financial inclusion as a result of the financial technology revolution. [3] The report documents account ownership by economy, areas lacking banking infrastructure, how different economies make payments, how accounts are used, the amount of saving, credit, and financial resilience, and the opportunities that are arising for promoting financial inclusion due to the rise of the digital era. [3] The Global Findex Database has had over 40,000 press citations since being founded by Klapper in 2011. [3] [14] The report was compiled using surveys of more than 150,000 adults over the age of 15 in over 140 economies, giving detailed results of how adults in these economies access accounts, make payments, borrow, and manage risk. [3] The authors note that this data is important since it has been found that access to financial technology like mobile money services can increase income earning potential, and that these benefits are even more pronounced for women. [3] This access to mobile money services in Kenya enabled women to increase their savings and investments by more than one-fifth and reduce extreme poverty in women-led households by 22%. [3]

The report found that the global share of adults that own a bank account is 69%, which is up from 62% in 2014 and 58% in 2011. [3] This equates into 515 million adults worldwide who have gained access to financial tools to help grow the economy. [3] Klapper and the report note that this gain was most prevalent in Sub-Saharan Africa where 21% of adults now have a mobile money account, almost double what the 2014 report showed. [3] It was also found that the financial technology improvements have led to 52% of adults having sent digital payments, 10 percentage points higher than the 2014 value, with significant gains in China where 57% now use financial technology to pay bills, double the 2014 value. [3] Importantly, the report notes that women lag significantly behind men globally in their financial inclusion gains; 65% of women have opened accounts, compared to 72% of men. [3] Klapper also points out that there is a disparity in financial inclusion across income levels. Financial participation was 13 percentage points higher in the wealthiest 60% of household incomes, evident in the 200 million rural people in China outside of the formal financial system. [3]

"Entrepreneurship Snapshots 2010: Measuring the Impact of the Financial Crisis on New Business"

Leora Klapper along with Inessa Love led a team of Elena Cirmizi, Caroline Giraud, and Douglas Randall to create a report documenting new business sector growth from 2004–2009 to give insight into factors that spur private sector growth across different economies. [10] Like the Global Findex Database, this database was founded by Leora Klapper in 2004. [2] [10] The report measures entrepreneurial activity in 112 developing and high income economies to answer the following 4 questions: [10] 1. How does firm creation vary around the world with the level of economic and financial development? 2. What is the relationship between entrepreneurship and business development? 3. How did the financial crisis affect entrepreneurial activity in the formal sector? and 4. What factors determined how severely the crisis affected new firm creation? This is based on Klapper, Laeven, & Rajan's 2004 study which shows that a high entry rate of new businesses equates to higher competition in the economy as well as higher economic growth. [10] [15]

The paper's main data collected is the density of new business entry, measured by the number of newly registered limited liability firms per 1,000 people of working age (15-64), [10] collected directly from the registrar. The paper notes that this is an effective measure but is only able to capture the formal financial sector even though much of the production in some economies lies in the informal financial sector. [10] The paper finds a discrepancy across income levels of countries, namely that high-income countries had more than 4 new business registered per 1000 people, while low-medium and low income countries had less than 1 per 1000 people. [10] The paper discusses that this largely could be due to the factors that come with being a high income country. Specifically, the paper notes that there is more dynamic business creation when there is also stable legal and regulatory regimes, efficient business registration systems, flexible employment regulations, and low corporate tax rates. [10] The paper also determines that due to a sharp increase in the scarcity of credit and an uncertain future economic outlook following the 2008 financial crisis there was a sharp drop in registration rates in countries affected by such - namely countries with strong formal financial sectors. [10]

"Financial Inclusion and Inclusive Growth: A Review of Recent Empirical Evidence"

Asli Demirgüç-Kunt, Leora Klapper, and Dorothe singer review the evidence presented in their Global Findex Database (2014; 2017) to explore some of the conclusions made and resulting challenges to reaching greater financial inclusion and future direction for the field. [16] The authors propose that financial inclusion can reduce poverty by helping people invest in their future towards education and new businesses, smooth their consumption by having more efficient and safer transactions, as well as educating and helping people manage their financial risks involving loss of employment or the death of a breadwinner, hopefully making it so fewer people fall into poverty initially as well. [16] The paper documents the transition in economic theory worldwide over the past decade from a focus on microcredit loans in developing countries to a focus on account ownership, savings, payment methods, and insurance in these countries. [16]

The paper points to the findings from the Global Findex Database (2014; 2017) that show account ownership worldwide is 69%, however this paper notes discrepancies across economies in that high-income OECD countries have account ownership of 94% while developing countries only have 54%. [3] [16] It is also found that while in high-income OECD countries there is no discrepancy across gender, in developing countries there remains a 9 percentage-point difference. [3] [16] The authors go further to note that among these developing regions there are enormous disparities; account penetration is only 14% in the Middle East, while in East Asia and the Pacific account penetration is 69%. [16] The importance of a mobile money account is also explored in this paper and the authors report that while, of global account owners, 60% only have an account at a financial institution, 1% have a financial account and a mobile money account, and 1% only have a mobile money account. [16] Interestingly, this stat is much different in Sub-Saharan Africa and Kenya where 23% and 58% of adults have a mobile money account respectively. [16] When discussing the benefits of financial inclusion and digital payment later it is reported that this relatively high prevalence of mobile money accounts should help in promoting potential economic benefits.

The paper dedicates a section towards discussing the benefits of financial inclusion in developing countries and why this can largely explain the shift in economic thinking away from micro-loans towards financial inclusion. Many of the benefits are borne out of replacing cash payments for digital payments through accounts, whether this be payments from or to governments or banks, it is reported there are benefits for all sides. [16] Based on the findings in the Global Findex Database (2014; 2017), high-income OECD countries make 95% of payments using digital methods while in the developing world 90% of utility payments are still made in cash, as well as other non-utility payments still being made majority in cash. [16] The paper reveals that shifting from cash payments to digital payments reduces the cost of making and receiving payments. This cost saving was revealed to be large enough in developing countries to feed an agricultural-based family of 5 for a day. [16]

The authors also point to a Niger study which showed that the government switching to digital payments reduced total costs of making and receiving payments by 20% annually. [16] In South Africa this switch reduced payment costs by two thirds of the original level, and in Mexico this equated to an annual saving of 1.3 billion dollars (USD). [16] The benefits are not only borne in cost saving but also in increasing the security of payments made. Klapper et al. argue that the opportunity for crime on digital payments is less and therefore the incidence has also been reduced, as seen in the US as overall crime has reduced by 10% from 1995 to 2015 as social payments became digital rather than cash. [16] Corruption is also reduced through digital payments as there is less opportunity for illegal kickbacks, as reported in Argentina when kickbacks to illegal benefactors were reduced from 4% to 0.03%, and in India they fell by 47%. [16] It is also reported that creating a trail of payment history through digital account payments helps someone have better availability to credit and make large payments later on. [16]

"Financial Inclusion Through Savings: Commitment Devices, Mobile Money, and the Role of Trust"

This paper by Emily Breza, Martin Kanz, and Leora Klapper explores the dynamic between employer and employee and the role that an employee investing in savings and financial accounts linked with the firm has with their likelihood to receive investment or promotion. The paper suggests that by investing in a financial option put forward by the company an employee can signal that they are responsible, willing to accept advice, and committed to the firm for a long-term career. [17] The authors create a study to examine this by offering a presentation of a financial savings account linked with the firm to all employees who demonstrate a willingness to save, and then give managers of the firm different profiles of employees regarding information including their decision to invest or not. [17] The study takes place in Bangladesh at a large manufacturing firm due to the high turnover and transitory characteristics of employees. The financial product offered is a simple commitment savings product with a 1-5 year commitment horizon with payments being automatically taken out of your payroll bi-weekly and the highest value being reached with the longest (5-year) term and penalties for terminating the contract early. [17]

There were several different versions of the presentation given to employees who had plans to save. [17] The first presentation was only the basic presentation containing only information about the savings product. The second presentation included a stipulation that the savings product was endorsed by the employer. The third presentation included a stipulation that an employee's decision would be shared with the employer, and the final presentation contained all 3 pieces of information. [17] It was found that the information that the employer endorsed the product had no effect on the probability of an employee choosing to sign up or not. [17] This piece of information was only effective when it was combined with the fact that the employee's decision would be shared with the employer, increasing the probability an employee would sign up for a commitment to the savings product. [17] It was also found that the commitment length an employee would sign up for is consistent with the same influencing pieces of information, leading the researchers to believe that workers were choosing a length based on signalling commitment and not just based on learning of the savings product benefits. [17]

In terms of the effect on management decisions, the researchers used 56 floor managers to review 16 employee profiles each and choose one for promotion or choose employees to invest extra training in. On each employee profile there was a mix of information shown on the form, whether that be no financial decision, some financial decision, or full information of length and choice of commitment. [17] It was found that showing that an employee chose to sign up for the commitment did not make being chosen for a promotion more likely. [17] However, this choice to sign up for the commitment made it more likely that they were chosen to receive managerial investment in extra training, specifically 8 percentage points more likely to receive investment (64% increase over baseline probability). [17] There was also a large difference found between the likelihood of receiving training between those who chose a 5-year commitment and those that chose a 1-year commitment. [17] Specifically, those who chose a 5-year commitment were 14.7 percentage points more likely to receive the investment (118% over baseline), with the difference between long and short commitments being statistically significant at the 5% level. [17]

"Salary Delays and Overdrafts in Rural Ghana"

This paper explores two common costly forms of payments that are especially widespread in developing economies: [18] payday loans and overdrafts. Developing economies are likely to have these common forms of payment due to increased uncertain of payment schedules from employers to employees. [18] The authors note that this is a problem since employees end up shouldering the cost of employers' inefficiency in making payments. [18] To determine the effect of these inefficient payment schedules the authors gathered data from the North Volta Rural Bank in Ghana. [18] Ghana is a good study area since developing economies are more severely affected and just over 500,000 public sector employees receive digital payments from the government, many of which are late according to the paper. [18] In 2017 it was determined that there was US$167 million in outstanding late payments that have yet to be paid in Ghana. [18]

The paper's analysis covered 320 salaried workers (90% public sector) with the North Volta Rural Bank. [18] Overdrafting was charged a flat rate of GH₵ 5 and 18% of the over drafted amount in Ghana. [18] It was found that the year before the study 58% of the people in question had taken out an overdraft, equating to a rate on average of US$104, or 42% of the average monthly salary. [18] It was also found that people who take out overdrafts are more likely to be men, be more educated, less likely to live with seniors in their home, and are more likely to be in low-paying public sector jobs. [18] The authors find that if the last salary payment was late, it was 3 percentage points more likely to overdraft that month, with more than a 10% increase in the average overdraft rate. [18] The discrepancy across public and private sectors was high with 40% of worker months having a late salary for public sector workers, and only 13% of working months for private sector employees. [18] The authors conclude that in Ghana public sector employees have to bear the majority of the late salary costs associated with increased delays in payments. [18]

"Incentivizing Calculated Risk-Taking: Evidence from an Experiment with Commercial Bank Loan Officers"

Shawn Cole, Martin Kanz, and Leora Klapper (2012) explore how risk taking and effort can be incentivized in commercial loan officers in order to determine optimal incentive schemes in the wake of the 2008 financial crisis which saw an incredible amount of sub-prime loans defaulted on. [19] In order to do such, the authors recruited loan officers from leading Indian commercial banks who would come in after-hours to review 14,000 actual credit applications. [19] The loan officers evaluate the applications, fill out a risk-evaluation form, and then make a recommendation on whether the loan should be granted or not - which is later compared to the actual performance outcomes of the loans. [19] The loans are composed of small business working capital loans with a value less than US$10,000. Four main problems arise in this environment which spurred the questions regarding this paper; [19] First, effort of loan officers is difficult to quantify and observe by bank executives. Second, loan officers are protected by limited liability of loan performance. Third, loan officers have a different time horizon and higher discount rates then firm executives. Finally, the loan environment is high risk and there is a disconnect between the loan officer and the return from the loan, all of which lead to high information asymmetry and high opportunity for moral hazard problems. [19]

Three main incentive schemes are evaluated in this paper: volume-based incentive schemes that reward origination, low-powered incentive schemes that reward origination and are conditional on performance, and high-powered incentive schemes that reward performance but penalize loan officers on defaults. [19] Deferred payment schedules were also evaluated given the asymmetry in time horizon and discount rates between officer and firm. Volume-based incentives that reward origination were found to generate more loans but with lower average quality, measured by returns and default rate. [19] Performance-based incentive schemes were found to result in a greater screening effort by the loan officer, reduced exposure to loans with higher credit risk, and significantly more profitable loan decisions with only slightly less quantity of loans given out. [19] When comparing low-powered incentives with high-powered incentives it was found that high-powered incentives increased the probability of detecting a 'bad' loan and increased profits per loan by up to 3.5% of the median loan size. [19] Compared to the same standard, volume-based incentive schemes were found to reduce profits per loan by up to 5% of the median loan size, as expected. [19]

Given the increased effort exerted under performance-based incentive schemes, it is found that risk assessment is inflated by as much as 0.3 standard deviations, regardless of the actual asset quality. [19] It was also found that loan officers under these schemes were more likely to inflate all features, even those hard to quantify like the applicant's character based on their brief background and business overview. [19] Differed compensation was found to reduce effectiveness of incentive schemes pointed at making loan officers exert more effort. [19] It was found that a 3-month delay on the incentive pay reduced the screening effort by 5-14% and there was a corresponding decrease in quality of loan performance. [19] Differed compensation, however, was found to moderate the negative effect of volume-based incentive schemes by reducing the officer's incentive to short-sightedly give out many loans. [19] This problem could also be corrected by relaxing the limited liability constraint, which has a similar effect as giving officers equity in the loan, resulting in more conservative loans being awarded. [19]

Blog posts and press citations

Klapper has written the following select blog posts for many different media outlets, international organizations, and foundations. Some organizations for which she has written blog posts include the World Economic Forum, [20] [21] [22] [23] [24] [25] [26] [27] [28] [29] World Bank, [30] [31] [32] [33] [34] [35] Brookings Institution, [36] and the London School of Economics. [37]

Klapper is often cited in reports from press institutions worldwide, including The Economist , [38] [39] [40] The New York Times , [41] [42] The Wall Street Journal , [43] [44] [45] and Bloomberg . [46] [47]

Awards

In 2018, Klapper received the Accion Edward W. Claugus Award for exceptional leadership and innovation in financial inclusion. [5]

Related Research Articles

Financial capital is any economic resource measured in terms of money used by entrepreneurs and businesses to buy what they need to make their products or to provide their services to the sector of the economy upon which their operation is based. In other words, financial capital is internal retained earnings generated by the entity or funds provided by lenders to businesses in order to purchase real capital equipment or services for producing new goods or services.

<span class="mw-page-title-main">Microfinance</span> Provision of microloans to poor entrepreneurs and small businesses

Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings and checking accounts; microinsurance; and payment systems, among other services. Microfinance services are designed to reach excluded customers, usually poorer population segments, possibly socially marginalized, or geographically more isolated, and to help them become self-sufficient. ID Ghana is an example of a microfinance institution.

Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by international organizations such as the World Bank, the OECD, European Union, the United Nations, and the World Trade Organization (WTO).

<span class="mw-page-title-main">Financial services</span> Economic service provided by the finance industry

Financial services are economic services tied to finance provided by financial institutions. Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance.

<span class="mw-page-title-main">State Bank of Pakistan</span> Central bank of Pakistan

The State Bank of Pakistan (SBP) is the Central Bank of Pakistan. Its Constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until 1 January 1974, when the bank was nationalised and the scope of its functions was considerably enlarged. The State Bank of Pakistan Act 1956, with subsequent amendments, forms the basis of its operations today. The headquarters are located in the financial capital of the country in Karachi. The bank has a fully owned subsidiary with the name SBP Banking Services Corporation (SBP-BSC), the operational arm of the Central Bank with Branch Office in 16 cities across Pakistan, including the capital Islamabad and the four provincial capitals Lahore, Karachi, Peshawar, Quetta. The State Bank of Pakistan has other fully owned subsidiaries as well: National Institute of Banking and Finance, the training arm of the bank providing training to Commercial Banks, the Deposit Protection Corporation, and ownership of the Pakistan Security Printing Corporation.

Financial sector development in developing countries and emerging markets is part of the private sector development strategy to stimulate economic growth and reduce poverty. The Financial sector is the set of institutions, instruments, and markets. It also includes the legal and regulatory framework that permit transactions to be made through the extension of credit. Fundamentally, financial sector development concerns overcoming “costs” incurred in the financial system. This process of reducing costs of acquiring information, enforcing contracts, and executing transactions results in the emergence of financial contracts, intermediaries, and markets. Different types and combinations of information, transaction, and enforcement costs in conjunction with different regulatory, legal and tax systems have motivated distinct forms of contracts, intermediaries and markets across countries in different times.

A non-banking financial institution (NBFI) or non-bank financial company (NBFC) is a financial institution that is not legally a bank; it does not have a full banking license or is not supervised by a national or international banking regulatory agency. NBFC facilitate bank-related financial services, such as investment, risk pooling, contractual savings, and market brokering. Examples of these include hedge funds, insurance firms, pawn shops, cashier's check issuers, check cashing locations, payday lending, currency exchanges, and microloan organizations. Alan Greenspan has identified the role of NBFIs in strengthening an economy, as they provide "multiple alternatives to transform an economy's savings into capital investment which act as backup facilities should the primary form of intermediation fail."

Financial inclusion is the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and services which include banking, loan, equity, and insurance products. It is a path to enhance inclusiveness in economic growth by enabling the unbanked population to access the means for savings, investment, and insurance towards improving household income and reducing income inequality

<span class="mw-page-title-main">Bank</span> Financial institution which accepts deposits

A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.

Access to finance is the ability of individuals or enterprises to obtain financial services, including credit, deposit, payment, insurance, and other risk management services. Those who involuntarily have no or only limited access to financial services are referred to as the unbanked or underbanked, respectively.

Inclusive growth is economic growth that raises standards of livings for broad swaths of a population. Proponents for inclusive growth warn that inequitable growth may have adverse political outcomes.

<span class="mw-page-title-main">Hope International (Christian microfinance)</span> Christian non-profit organization

HOPE International is a Christian faith-based nonprofit organization based in Lancaster, Pennsylvania that aims to equip individuals living in poverty with savings and microfinance services. HOPE International now operates in over 20 underserved countries and has assisted over 2.7 million people with small loans and savings services since it began operations in 1997.

<span class="mw-page-title-main">Public bank</span> State-owned or noncommercial financial institution

A public bank is a bank, a financial institution, in which a state, municipality, or public actors are the owners. It is an enterprise under government control. Prominent among current public banking models are the Bank of North Dakota, the Sparkassen-Finanzgruppe in Germany, and many nations’ postal bank systems.

Committee on Medium-term Path on Financial Inclusion is an experts committee formed by the Reserve Bank of India (RBI) on 15 July 2015 to create a five-year plan for financial inclusion in India. It is headed by Deepak Mohanty, executive director of RBI. It is expected to submit its report within four months.

Edward J. Kane was an American economist and writer. He was a long-time student of incentive conflict in financial regulation and in crisis-management policies. His writing contends that too-big-to-fail policies are rooted in the cultural norms of major central banks around the world.

Financial technology is an industry composed of companies that use technology to offer financial services. These companies operate in insurance, asset management and payment, and numerous other industries. FinTech has emerged as a relatively new industry in India in the past few years. The Indian market has witnessed massive investments in various sectors adopting FinTech, which has been driven partly by the robust and effective government reforms that are pushing the country towards a digital economy. It has also been aided by the growing internet and smartphone penetration, leading to the adoption of digital technologies and the rise of FinTech in the country

<span class="mw-page-title-main">Asli Demirguc-Kunt</span> Turkish economist

Asli Demirgüç-Kunt is a Turkish economist. She is a non-resident Fellow at the Center for Global Development and a former chief economist of the Europe and Central Asia Region of The World Bank. During her 33-year career at The World Bank, she also served as the Director of Research, Director of Development Policy, and the Chief Economist of the Finance and Private Sector Development Network, conducting research and advising on financial and private sector development issues. She has authored more than 100 research papers, as well as books, is widely published in academic journals, and is among the most-cited researchers in the world. Demirguc-Kunt has been named one of the top 10 women in economics as of June 2015 and one of the top 10 percent of Female Economists for her contributions to the field of economics.

<span class="mw-page-title-main">IDFC First Bank</span> Indian private sector bank

IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution. It is the first universal bank to offer monthly interest credit on savings accounts, lifetime free credit cards with dynamic and low annual percentage rates.

Luc Laeven is a Dutch economist, director-general of the research department of the European Central Bank 2015–present. Previously he held senior posts at the International Monetary Fund and the World Bank. He was also a Professor Finance at Tilburg University from 2009 to 2019. He has been a research fellow at the Centre for Economic Policy Research in London since 2009.

Emily Louise Breza is an American development economist currently serving as the Frederic E. Abbe Professor of Economics at Harvard University. She is a board member at the Abdul Latif Jameel Poverty Action Lab, and an affiliated researcher at the International Growth Centre and National Bureau of Economic Research. Breza's primary research interests are in development economics, in particular the interplay between social networks and household finance. She is the recipient of a Sloan Research Fellowship.

References

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  3. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Demirgüç-Kunt, Asli; Klapper, Leora; Singer, Dorothe; Ansar, Saniya; Hess, Jake (2018). The Global Findex Database. Washington, DC.: The World Bank.
  4. ↑ "Leora Klapper". IGC. Retrieved 2019-03-24.
  5. 1 2 3 "Leora Klapper to Receive Accion's Edward W. Claugus Award for Leadership and Innovation in Financial Inclusion | Accion". www.accion.org. Retrieved 2019-03-24.
  6. ↑ "Leora Klapper". Innovations for Poverty Action. 2015-01-22. Retrieved 2019-03-24.
  7. ↑ BBVA (2016-09-21). "Corporate information". NEWS BBVA. Retrieved 2019-03-24.
  8. ↑ "Implementing Partners | GPFI". www.gpfi.org. Retrieved 2019-03-24.
  9. ↑ "UNSGSA - Queen Máxima as the UNSGSA". www.unsgsa.org. Retrieved 2019-03-24.
  10. 1 2 3 4 5 6 7 8 9 10 Klapper, Leora; Love, Inessa; Cirmizi, Elena; Giraud, Caroline; Randall, Douglas (2011). Entrepreneurship Snapshots 2010: Measuring the Impact of the Financial Crisis on New Business Registration. Washington, DC: The World Bank.
  11. ↑ Klapper, Leora; Richmond, Christine; Tran, Trang (2013). Civil Conflict and Firm Performance: Evidence from Cote d'Ivoire. Washington, DC: The World Bank.
  12. ↑ Klapper, Leora; Demirgüç-Kunt, Asli; Prasad, Neeraj (2017). Measuring the Effectiveness of Service Delivery: Delivery of Government Provided Goods and Services in India. Washington, DC: The World Bank.
  13. ↑ Klapper, Leora; Buehren, Niklas; Goldstein, Markus; Koroknay-Palicz, Tricia; Schaner, Simone (2018). The Limits of Commitment: Who Benefits From Illiquid Savings Products?. Washington, DC: The World Bank.
  14. ↑ "Home | Global Findex". globalfindex.worldbank.org. Retrieved 2019-03-25.
  15. ↑ Klapper, Leora; Laeven, Luc; Rajan, Raghuram (2004). Business Environment and Firm Entry: Evidence from International Data. Washington, DC: World Bank.
  16. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Demirgüç-Kunt, Asli; Klapper, Leora; Singer, Dorothe (2017). Financial Inclusion and Inclusive Growth: A Review of Recent Empirical Evidence. Washington, DC: World Bank.
  17. 1 2 3 4 5 6 7 8 9 10 11 12 13 Breza, Emily; Kanz, Martin; Klapper, Leora (2018). FINANCIAL INCLUSION THROUGH SAVINGS: COMMITMENT DEVICES, MOBILE MONEY, AND THE ROLE OF TRUST. American Economic Association.
  18. 1 2 3 4 5 6 7 8 9 10 11 12 13 Buehren, Niklas; Ceretti, Virginia; Dervisevic, Ervin; Goldstein, Markus; Klapper, Leora; Koroknay-Palicz, Tricia; Schaner, Simone (2018). Salary Delays and Overdrafts in Rural Ghana. American Economic Association.
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  33. ↑ Klapper, Leora (2016-09-15). "Financial inclusion has a big role to play in reaching the SDGs". Let's Talk Development. Retrieved 2019-03-31.
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  36. ↑ Ansar, Leora Klapper and Saniya (2017-06-08). "Can Islamic finance boost financial inclusion?". Brookings. Retrieved 2019-03-31.
  37. ↑ Breza, Emily; Kanz, Martin; Klapper, Leora (2017-04-06). "Real effects of electronic wage payments: Bangladeshi factory workers". International Growth Centre Blog. Retrieved 2019-03-31.
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  39. ↑ The Economist (2017). Digital technology can make financial struggles easier to manage. The Economist.
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  41. ↑ Popper, Nathaniel; Gates, Guilbert; Almukhtar, Sarah (2017-11-14). "Will Cash Disappear?". The New York Times. ISSN   0362-4331 . Retrieved 2019-03-31.
  42. ↑ Shane, Scott A. (2009-10-26). "An Easy Way to Encourage Entrepreneurship". You’re the Boss Blog. Retrieved 2019-03-31.
  43. ↑ Kiernan, Paul (2018-04-19). "How More Than a Billion People Got Access to Financial Services in Less Than a Decade". WSJ. Retrieved 2019-03-31.
  44. ↑ McMahon, Dinny (2015-04-15). "Financial Inclusion: Rural Banking Surges in China". Wall Street Journal. ISSN   0099-9660 . Retrieved 2019-03-31.
  45. ↑ Trivedi, Anjani (2015-04-15). "Gender Gap Persists for Bank-Account Holders". Wall Street Journal. ISSN   0099-9660 . Retrieved 2019-03-31.
  46. ↑ "Mobile Phones Are Driving a Surge in Africa Bank Accounts: Chart". Bloomberg.com. 2018-04-24. Retrieved 2020-11-29.
  47. ↑ "The Cash-Only World: Two Billion People and Shrinking Fast". Bloomberg.com. 2015-04-15. Retrieved 2020-11-29.
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