Financial inclusion influence on domestic wealth opportunity inequality in Mexico
DOI:
https://doi.org/10.18381/eq.v23i2.7389Abstract
Objective: To analyze the influence of financial products and services holdings on domestic wealth formation and its effect on inequality of domestic wealth opportunities inequality in Mexico.Methodology: A structural probit model with instrumental variables is estimated using EMOVI 2023 data to compute the probability of having a high endowment of domestic wealth as a function of financial inclusion.Results: Financial inclusion increases the probability of having high domestic wealth. From a threshold of the financial inclusion index, the marginal effects are larger for individuals of poor origin, indicating convergence.Limitations: The results from the model with disaggregated financial products must be cautiously interpreted due to potential endogeneity. The study does not evaluate risks of over-indebtedness.Originality: This is the first empirical study for Mexico using a structural probit model to evaluate the convergence effect of financial inclusion on domestic wealth, differentiated by socioeconomic origin.Conclusions: Financial inclusion reduces the gap in opportunities between the rich and the poor. Public policies are required to promote access to financial services, especially for populations of disadvantaged origin.Downloads
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