Impact of Financial Inclusion on Peru's Economic Growth (2004–2021)

Benoit Mougenot, Diana Cano-Huacarpuma, Liz Ricalde-Peralta

Research output: Contribution to journalArticlepeer-review


This paper investigates the incidence, relationship, and behavior of the proxy variables of financial inclusion on Peru’s economic growth in the period 2004–2021, for which the methodology of a vector autoregressive model (VAR) and error correction vectors (VEC) was applied. The results show that the variable with the highest incidence is the number of debtors, savings deposits in local currency, loans to small businesses and consumer credit, which present a short-, medium-, and long-term relationship, and explain the variation of the gross domestic product in a significant proportion during the period 2004–2021.

Original languageEnglish
Pages (from-to)1-9
Number of pages9
JournalReview of Development Finance
Issue number2
StatePublished - 1 Dec 2022


  • credit access
  • economic growth
  • Financial inclusion
  • microfinance


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