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Technological change, completeness of financing microstructures, and impact on well-being and income inequality

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  • Sodokin, Koffi
  • Djafon, Joseph Kokouvi
  • Dandonougbo, Yevessé
  • Akakpo, Afi
  • Couchoro, Mawuli K.
  • Agbodji, Akoété Ega

Abstract

Financing microstructures are increasingly recognized as critical for promoting financial inclusion and improving overall well-being in developing countries. In practice, the digital transformation in finance has the potential to accelerate the optimal functioning of financing microstructures, including households' access to microfinance and microinsurance. Increased access to finance can lead to a reduction in income inequality and overall well-being for households. This paper investigates the impact of access to digital finance and financing microstructures on household well-being and the reduction of income inequality. To achieve this, we use a combination of propensity score matching, double difference, and smooth instrumental quantile regression as estimation methods with two periods of survey data. Specifically, the paper uses the FinScope consumer data (2016) and the Harmonized Living Standards Measurement Study (2018) from Togo in a comparative perspective. The results suggest that access to both digital finance and financing microstructure is a cultural game-changer that significantly improves overall household well-being and contributes to reducing income inequality.

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  • Sodokin, Koffi & Djafon, Joseph Kokouvi & Dandonougbo, Yevessé & Akakpo, Afi & Couchoro, Mawuli K. & Agbodji, Akoété Ega, 2023. "Technological change, completeness of financing microstructures, and impact on well-being and income inequality," Telecommunications Policy, Elsevier, vol. 47(6).
    • Handle: RePEc:eee:telpol:v:47:y:2023:i:6:s0308596123000824
    DOI: 10.1016/j.telpol.2023.102571
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    More about this item

    Keywords

    Financing microstructures; Microinsurance; Microfinance; Digital finance; Well-being; Income inequality;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • G2 - Financial Economics - - Financial Institutions and Services
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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