Dyna Heng's Books

Advancing Financial Development in Latin America and the Caribbean

By: Dyna Heng,Anna Ivanova,Rodrigo Mariscal,Ms.Uma Ramakrishnan,Joyce Wong

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Advancing Financial Development in Latin America and the Caribbean

By: Dyna Heng,Anna Ivanova,Rodrigo Mariscal,Ms.Uma Ramakrishnan,Joyce Wong

This paper examines the state of financial development in the Latin America and Caribbean (LAC) region as well as potential growth and stability implications from further development. The analysis suggests that access to financial institutions has expanded notably in the past decade, and the region compares favorably with other emerging market regions on this dimension. The region, however, continues to lag behind peers on broader financial development, especially with respect to markets, though there is substantial heterogeneity across countries. Financial systems in many LAC countries are also underdeveloped relative to their macroeconomic fundamentals. Further financial development could convey net benefits to the region, provided there is adequate regulatory oversight to prevent excesses.

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International Monetary Fund

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ISBN 10

1484321715

ISBN 13

9781484321713

Fintech: Financial Inclusion Or Exclusion?

By: Yoke Wang Tok,Dyna Heng

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Fintech: Financial Inclusion Or Exclusion?

By: Yoke Wang Tok,Dyna Heng

This paper examines the role of Fintech in financial inclusion. Using Global Findex data and emerging fintech indicators, we find that Fintech has a higher positive correlation with digital financial inclusion than traditional measures of financial inclusion. In the second stage of our empirical investigation, we examine the key factors that are correlated with the Fletcher School’s three digital divide – gender divide, class (rich-poor) divide and rural divide. The results indicate that greater use of fintech is significantly associated with a narrowing of the class divide and rural divide but there was no impact on the gender divide. These findings imply that Fintech alone may not be sufficient to close the gender gap in access to financial services. Fintech development may need to be complemented with targeted policy initiatives aimed at addressing the gender gap directly, and at changing attitudes and social norms across demographics.

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International Monetary Fund

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ISBN 13

9798400208645

Using Macroeconomic Frameworks to Analyze the Impact of COVID-19

An Application to Colombia and Cambodia

By: Mr. Ales Bulir,Daniel Baksa,Mr. Juan S Corrales,Andres Gonzalez,Diego Rodriguez,Dyna Heng

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Using Macroeconomic Frameworks to Analyze the Impact of COVID-19

An Application to Colombia and Cambodia

By: Mr. Ales Bulir,Daniel Baksa,Mr. Juan S Corrales,Andres Gonzalez,Diego Rodriguez,Dyna Heng

This technical note and manual (TNM) addresses the following issues: • Evaluating the full implications from the policies adopted to mitigate the impact of the COVID-19 pandemic on the economy requires a well-developed macroeconomic framework. This note illustrates how such frameworks were used to analyze Colombia and Cambodia's shock impact at the beginning of the pandemic. • The use of macroeconomic frameworks is not to infer general policy conclusions from abstract models or empirical analysis but to help policymakers think through and articulate coherent forecasts, scenarios, and policy responses. • The two country cases illustrate how to construct a baseline scenario consistent with a COVID-19 shock within structural macroeconomic models. The scenario is built gradually to incorporate the available information, the pandemic's full effects, and the policy responses. • The results demonstrate the value of combining close attention to the data, near-term forecasting, and model-based analyses to support coherent policies.

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International Monetary Fund

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ISBN 10

1513571974

ISBN 13

9781513571973

Impact of the New Financial Services Law in Bolivia on Financial Stability and Inclusion

By: Dyna Heng

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Impact of the New Financial Services Law in Bolivia on Financial Stability and Inclusion

By: Dyna Heng

This paper examines the impact of the new financial services law in Bolivia—including credit quotas and interest rate caps—on financial stability and inclusion. So far, credit to “targeted” sectors is growing as intended by the law but the increase in the average loan size of microfinance institutions and the declining number of borrowers point to potentially adverse effects of the interest rate caps on financial inclusion. Looking ahead, while the new law contains many good provisions, international experience suggests that promoting financial access through credit quota and interet rate caps is very challenging. Indeed, trying to meet the 2018 credit target for the productive sectors and social housing could imply the build up of significant financial stability risks. These will need careful monitoring and possible modifications to the credit quotas and interest rate caps.

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International Monetary Fund

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ISBN 10

1513598422

ISBN 13

9781513598420

Impacts of Interest Rate Cap on Financial Inclusion in Cambodia

By: Dyna Heng,Serey Chea,Bomakara Heng

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Impacts of Interest Rate Cap on Financial Inclusion in Cambodia

By: Dyna Heng,Serey Chea,Bomakara Heng

Interest rate caps, despite their intended objective of broadening financial inclusion, can have undesirable effects on financial inclusion under certain conditions. This paper examines the effect of microfinance-loan interest rate caps on financial inclusion in Cambodia. Based on a difference-in-difference analysis on bank and microfinance supervisory data, results show some unintended impact on financial inclusion. The cap led to a significant increase in non-interest fees charged on new loans following the introduction of an annual cap. Microfinance borrowers declined immediately, amid an increase in credit growth, as microfinance institutions targeted larger borrowers at the expense of smaller ones. Microfinance institutions, responded differently to the cap, considering their own operation and funding costs, and client base. Two years after the cap, institutions resumed lending to a wider group of borrowers with lower funding and operation costs brought by mobile payment development.

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