Antonia Grohmann|Theres Klühs|Lukas Menkhoff
Does Financial Literacy Improve Financial Inclusion? Cross Country Evidence
financial inclusion typically addressed improving financial infrastructure show financial literacy representing demandside financial markets also beneficial effect study effect crosscountry level allows consider institutional variation regarding access finance financial infrastructure financial literacy mainly substitutes however regarding use financial services effect higher financial literacy strengthens effect financial depth causal interpretation results supported ivregressions moreover positive impact financial literacy holds across income levels several subgroups within countries