banking the poor

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1、C:DocumentsandSettingsparrishlLocalSettingsTemporaryInternetFilesOLKEBankingthePoorJREGFINALPRINTERPROOF(March72004).docBankingthePoor†MichaelS.BarrLow-incomehouseholdsoftenlackaccesstobankingaccountsandfacehighcostsfortransactingbasicfinancialservicesthroughcheckcash

2、ersandotheralternativefinancialserviceproviders.Thesefamiliesfinditmoredifficulttosaveandplanfinanciallyforthefuture.Livingpaychecktopaycheckleavesthemvulnerabletomedicalorjobemergenciesthatmayendangertheirfinancialstability,andlackoflonger-termsavingsunderminestheirability

3、toimproveskills,purchaseahome,orsendtheirchildrentocollege.Additionally,highcostfinancialservicesandinadequateaccesstobankaccountsmayunderminewidelysharedsocietalgoalsofreducingpoverty,movingfamiliesfromwelfaretowork,andrewardingworkthroughincentivessuchastheEarnedIncomeTax

4、Credit.ThisArticlecallsforthetransformationoffinancialservicesforthepoor.TheArticlefirstexploresthedualfinancialservicesmarketinwhichinsureddepositoryinstitutionslargelyservemiddle-andupper-incomepersons,andcheckcashersandotheralternativeserviceproviderslargelyservelow-andm

5、oderate-incomehouseholds.TheArticlearguesthatthesocialbenefitsofbreakingdownbarriersbetweenthesemarketsexceedthecostsofdoingso.TheArticlealsocontendsthatnetworkexternalitiesinelectronicpaymentsystemshelpexplainwhysometechnologiesthatwouldhelplow-incomeconsumershavenotbeenas

6、rapidlyadoptedaswouldbesociallybeneficial.Inresponsetothisproblem,theArticlerecommendsgovernmentalincentivesforprivatesectorfinancialandtechnologicalinnovationtohelplowerbankingandsavingsbarriersforthepoor.Betteraccesstofinancialservicesiscriticalforlow-incomepersonsseeking

7、toentertheeconomicmainstream.†AssistantProfessorofLaw,UniversityofMichiganLawSchool.B.A.YaleCollege1987,M.Phil.,MagdalenCollege,Oxford1989,J.D.YaleLawSchool1992.IwouldliketothankAlanBerube,StephanieDorn,andKevinSmithfortheirresearchassistance.ThisArticlebuildsonworkconducte

8、dwhileIservedasdeputyassistantsecretaryoftheU.S.Treasuryfrom1997to2001.Iamindebted