The Working Paper is the third and last paper resulting from a research project on “Measuring Microfinance Impact in the EU. Policy recommendations for Financial and Social Inclusion” (Memi). The project was initiated and supervised by the EIF and was funded by the EIB Institute under the EIB-University Sponsorship Programme (EIBURS). This project aims to contribute to the debate whether microfinance is able to deliver the expected impact in terms of financial and social inclusion.
This paper looks at the state of financial and social inclusion and financial sector development in the EU Member States. One of the objectives in this analysis is to find out whether financial and social exclusion can coexist in the same countries, considering the development of the financial sector. The study outlines extensive literature on definitions and measures of financial and social inclusion. It also identifies clusters of countries with internally similar but externally distinct characteristics. Methodologically, the research collects, and analyses data extrapolated from different sources in the period 2016-2017. The methodology exploits a Principal Component Analysis (ACP) and a Cluster Analysis.
The EIF Working Papers are designed to make available selected topics and studies in relation to EIF’s business to a wider readership. The Working Papers are edited by EIF’s Research & Market Analysis and are typically authored or co-authored by EIF staff or are written in cooperation with EIF.
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