The program commenced with inaugural speeches, followed by the I Magisterial Conference in which Dr. Robert C. Merton, winner of the Nobel Prize in Economics (1997), opened with “Observations on Financial Innovation, Finance Science and Derivative Markets in Global Economic Growth and Development.”
Esteban Pérez Caldentey, Chief of the Financing for Development Unit at ECLAC, spoke about “Financial Inclusion as a Policy for Productive Development” at the IV Magisterial Conference, and drew conclusions on best practices of development banks for financial inclusion and productive insertion. The recommendations are based on the results of the ECLAC project on financial inclusion of SMEs and development banks.
ECLAC is implementing this project that seeks to promote the development of a wider range of financial instruments that allow development banks to boost the financial inclusion of SMEs. Financial inclusion of SMEs is crucial in the region due to the central role that they play in the productive fabric and creation of employment in the regional economies. To reduce the gaps in financial inclusion, three central aspects of financial innovation in development banking must be addressed: product innovation, process innovation and institutional innovation.
Video: In this interview (In Spanish), Esteban Pérez (ECLAC) explains the challenges that SMEs and women face in their access to credit and suggests how financial inclusion policies and innovation can improve access for everyone to take advantage of the potential of these groups.