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Despite large differences in socio†economic, geographical and political background, this study finds noteworthy similarities in the determinants of financial exclusion in Canada and Bangladesh. Household income, education, regional differences… Click to show full abstract
Despite large differences in socio†economic, geographical and political background, this study finds noteworthy similarities in the determinants of financial exclusion in Canada and Bangladesh. Household income, education, regional differences and respondent age are common significant determinants of payday loan borrowing in Canada and microcredit borrowing in Bangladesh. Financial knowledge has been identified as a significant determinant of payday loan borrowing in Canada. Our results suggest the need for paying more attention to the causes of financial exclusion and to improving financial literacy because the regulatory policies on interest rates in both countries do not seem to be effective. Copyright © 2017 John Wiley & Sons, Ltd.
Journal Title: Journal of International Development
Year Published: 2018
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