Prices or Knowledge? What Drives Demand for Financial Services in Emerging Markets?
结合印尼和印度的调查与田野实验，检验了新兴市场金融服务需求低的原因，发现金融教育效果有限，而小额补贴能大幅提升需求。
ABSTRACT Financial development is critical for growth, but its microdeterminants are not well understood. We test leading theories of low demand for financial services in emerging markets, combining novel survey evidence from Indonesia and India with a field experiment. We find a strong correlation between financial literacy and behavior. However, a financial education program has modest effects, increasing demand for bank accounts only for those with limited education or financial literacy. In contrast, small subsidies greatly increase demand. A follow‐up survey confirms these findings, demonstrating that newly opened accounts remain open and in use 2 years after the intervention.