Key financial instruments for financial inclusion in Latin America Instrumentos financieros clave para la inclusión financiera en América Latina

MARTÍNEZ, LISANA BELÉN; GUERCIO, MARÍA BELÉN; ORAZI, SOFÍA; VIGIER, HERNÁN PEDRO

Revista Finanzas y Politica Economica

Universidad Catolica de Colombia

Lugar: Bogotá ; Año: 2022 vol. 14 p. 17 - 47

2248-6046

This paper aims to analyze financial inclusion in seven Latin American countries. Specifically, it seeks to detect the most used financial instruments and the main determinants that affect their use. For this purpose, it uses micro data from the 2017 Global Findex, applying multivariate econometric models. The results confirm that the instrument most used by individuals are financial accounts in formal institutions, especially in Brazil and Chile, followed by credit cards in Uruguay and Venezuela. Among the socio-economic characteristics of individuals, the findings show that older, male individuals, with tertiary education and higher income levels are more likely to be financially included.