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Informal Sector and Mobile Financial Services in Emerging and Developing Countries: Does Financial Innovation Matter?

Author

Listed:
  • Luc Jacolin

    (FERDI - Fondation pour les Etudes et Recherches sur le Développement International)

  • Joseph Keneck Massil

    (Cemotev - Centre d'études sur la mondialisation, les conflits, les territoires et les vulnérabilités - UVSQ - Université de Versailles Saint-Quentin-en-Yvelines)

  • Alphonse Noah

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract
This paper investigates the impact of mobile financial services ‐ MFS (mobile money, and mobile credit and savings) on the informal sector using a sample of 101 emerging and developing countries over the period 2000‐15. Using both fixed effects estimator and propensity score matching methods, we show that the adoption of MFS significantly decreases the size of the informal sector. The magnitude of these effects is large, the reduction of the informal sector reaching 1 to 4 points, depending on the estimator. This effect is likely to increase as the services benefit wider segments of the population. These formalization effects may stem from different possible transmission channels: improvement in credit access, increase in the productivity/profitability of informal firms attenuating subsistence constraints typical of entrepreneurship in the informal sector, as well as possible induced growth of firms already in the formal sector. Our results were confirmed by robustness checks, using alternative measure of informal sector and MFS, sets of control variables, and estimation approaches. These findings lay the groundwork for the scarce literature on the macroeconomic impact of mobile financial services, a major dimension of the growing drive towards economic digitalization.

Suggested Citation

  • Luc Jacolin & Joseph Keneck Massil & Alphonse Noah, 2021. "Informal Sector and Mobile Financial Services in Emerging and Developing Countries: Does Financial Innovation Matter?," Post-Print hal-03104350, HAL.
    • Handle: RePEc:hal:journl:hal-03104350
    DOI: 10.1111/twec.13093
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    Cited by:

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    6. Xinxin Ma, 2023. "Internet usage and the income gap between self‐employed individuals and employees: Evidence from China," Review of Development Economics, Wiley Blackwell, vol. 27(3), pages 1509-1536, August.
    7. Apeti, Ablam Estel, 2023. "Household welfare in the digital age: Assessing the effect of mobile money on household consumption volatility in developing countries," World Development, Elsevier, vol. 161(C).
    8. Olivier R de Bandt & Luc Jacolin & Thibault Lemaire, 2021. "Climate Change in Developing Countries: Global Warming Effects, Transmission Channels and Adaptation Policies," Working Papers hal-03948704, HAL.
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    10. Ablam Estel Apeti & Jean-Louis Combes & Eyah Denise Edoh, 2023. "Entrepreneurship in developing countries: can mobile money play a role?," Working Papers hal-04081304, HAL.
    11. Melingui Bate Adalbert Abraham Ghislain, 2022. "Does the diffusion of information and communication technologies affect the shadow economy in Africa?," African Development Review, African Development Bank, vol. 34(4), pages 513-526, December.
    12. Ablam Estel Apeti, 2022. "Household welfare in the digital age: Assessing the effect of mobile money on household consumption volatility in developing countries," Post-Print hal-03819779, HAL.
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