Inclusion financière, frictions financières et croissance économique

This article develops an analytical growth model that integrates the financial sector, the part of individuals acceding to financial systems, frictions related to the enforceability of contracts and the constraints related to the costs of information on production processes. Our model considers an economy with three categories of individuals. The first includes individuals excluded from the financial system. The second includes individuals included but with constraints due to the costs of researching information on the quality of projects. The individuals of the third category accede with less constraint than the second category and more chances that the financial contracts to which they subscribe will be executed. Based on the model simulation, the quantity of resources directed to firms increase when the financial system becomes inclusive. Our model is original in nature and provides analytical and empirical evidence on the negative impact of financial exclusion on economic growth, and highlighted the vital role of financial inclusion in economic growth. As for the enforceability of contracts concluded on the credit market, it stimulates the proportion of resources invested by the agents of the three categories.