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November 13, 2009

Beyond Microfinance: Principles of Access to Finance

Posted by Lawrence MacDonald in Capital Flows/Financial Crises, Economic Growth, Global Development, Private Investment Tags: , , , , ,

On this edition of the Wonkcast, I am joined by senior fellow Liliana Rojas-Suarez, who discusses her work as co-chair of the CGD Task Force on Access to Financial Services. Financial regulation—and access—is a hot topic right now, as countries try to reduce the chance of future financial crises, while also ensuring access to financial services. The US House and Senate are currently wrestling with exactly what a revamped US regulatory system should look like.

Liliana explains that the balance between financial stability and increased access to finance is at the root of these debates, and in fact was central to the financial collapse itself. “Even in the United States,” she explains, “many people did not have sufficient access to finance, and, well, nobody wanted to stop the provision of financial services. And that was creating a bubble that ended up in the largest crisis that we have seen in recent history.”

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