Figure 1 shows financial inclusion trends, sorted by income level and financial fragility.
Financial inclusion increases over time, with higher levels for high-income countries than for lowincome
countries. The trends are similar for low-fragility and high-fragility countries, which also
indicate a growing gap in recent years.
In 2009, at the height of the global financial crisis, the gap between high-income and lowincome
countries widened, yet the gap between low-fragility and high-fragility countries narrowed.
There are at least two reasons for this. First, during the financial crisis, activities supporting
financial inclusion abated in low-income countries. Second, although high-fragility countries had
relatively high financial limitations, they had still strong incentives for enforcing financial inclusion
during that period.
Table 4. Estimation results of financial inclusion
Full High income Low income Low fragility H
Figure 1 shows financial inclusion trends, sorted by income level and financial fragility.Financial inclusion increases over time, with higher levels for high-income countries than for lowincomecountries. The trends are similar for low-fragility and high-fragility countries, which alsoindicate a growing gap in recent years.In 2009, at the height of the global financial crisis, the gap between high-income and lowincomecountries widened, yet the gap between low-fragility and high-fragility countries narrowed.There are at least two reasons for this. First, during the financial crisis, activities supportingfinancial inclusion abated in low-income countries. Second, although high-fragility countries hadrelatively high financial limitations, they had still strong incentives for enforcing financial inclusionduring that period.Table 4. Estimation results of financial inclusionFull High income Low income Low fragility H
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