This paper studies the impact of financial inclusion on wealth accumulation. Exploiting the US interstate branching deregulation between 1994 and 2005, we find that an exogenous expansion of bank branches increases low-income household financial inclusion. We then show that financial inclusion...

Government balances are often adjusted for changes in economic activity in order to draw a clearer picture of the underlying fiscal situation and to use this as a guide to fiscal policy analysis. International organisations estimate the cyclical component of economic activity by the current...