Financial Development & Financial Inclusion MicroMasters Program

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About Program

Why Financial Development & Financial Inclusion MicroMasters?

The link between financial development and sustainable economic growth is complex. The complexity of the relationship between financial development and economic growth requires an assessment of the factors affecting the relationship to determine the most effective policies. In this MicroMasters, we provide you with the various factors determining financial development in terms of the structure of the financial sector, its contribution to the economy, and financial inclusion in developing countries.

The course presents a framework for financial market development, identifying the main players and instruments, as well as highlighting the obstacles that could impede the development of such markets as well as policies that encourage the development of financial markets. The course introduces financial inclusion as an integral dimension of financial development—a perspective that has only recently received attention. The course reviews the indicators currently used to measure financial inclusion, its macroeconomic impact, and the main policy strategies usually pursued to encourage inclusion. The course makes use of extensive case studies, group work, and workshops to ensure that participants gain practical experience that is useful for their jobs.

Through this comprehensive MicroMasters, you will identify a framework for financial market development and financial inclusion and why they matter to economic growth and development. Measure the degree of financial development and inclusion for a country or countries using a wide range of standard indicators, and use benchmarking to compare a country to its peers.

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What Will You Learn?

  • Identify the main players and instruments needed for financial market development.
  • Use a simple analytical model to predict the likely outcomes of different policies on financial inclusion.
  • Assess policy options and strategies for financial development and inclusion from a macroeconomic perspective by identifying potential tradeoffs and possible impediments.
  • Understand the unique challenges SMEs face in accessing finance. Describe how financial intermediaries can better tailor their products to the needs of SMEs.
  • Evaluate how government policies can improve the lending environment for SMEs and understand the role of state banks and MDBs, including their role in mitigating risks.
  • Understand the various uses of technology in the financial sector (Fintech) and how they could be used to improve the efficiency and inclusiveness of financial services without generating financial instability.

Program Content

A Framework for Financial Development

  • Functional approach
  • The importance of contracts and contracting
  • Main players and their roles
  • Principal-agent relationships in finance
  • Types of financial contracts: credit, savings, and insurance
  • Types of borrowers: household, agriculture, business
  • Financial Development: A Case Study of “Peer-to-Peer Lending and Crowdfunding”

Financial Structure

Measuring Financial Development

Financial Innovation and Evolution

Financial Regulation

Introduction to financial inclusion

Conceptual Framework for Financial Inclusion

Financial education and capability

Policies for Financial Inclusion

Case studies in financial inclusion

Financial Inclusion in Egypt

The Role of Financial Inclusion in Financial Development.

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