We present a finite period general equilibrium model of an exchange economy with asymmetric information. We say that a rational expectations equilibrium exhibits an expected bubble if the price of an asset in one period is higher than any agent's marginal valuation of holding the asset to...

Financial inclusion-defined here as the use of formal accounts-can bring many welfare benefits to individuals. Yet we know very little about the factors underpinning financial inclusion across individuals and countries. Using data for 123 countries and over 124,000 individuals, this paper tries...

With extensive country and firm-level data sets, this paper first documents that the financial sectors of most Sub-Saharan African countries remain significantly underdeveloped by the standards of other developing countries. The paper also finds that population density appears to be considerably...

Using household surveys and bank penetration data at the district-level in 2006 and 2009, this paper examines the impact of Equity Bank-a leading private commercial bank focusing on microfinance-on access to banking in Kenya. Unlike other commercial banks in Kenya, Equity Bank pursues distinct...

This paper investigates the African financial development and financial inclusion gaps relative to other peer developing countries. The paper uses a set of variables related to financial development and inclusion. It first estimates the gaps between African countries and other developing...