Financial Development

Financial inclusion is a pillar of economic development.

Access to credit allows households to buy insurance, helping them to build resilience against unforeseen shocks. Access to finance also allows households to invest in work, education and health. CID researchers investigate the mechanisms that enhance financial development and its consequences at both the macroeconomic and microeconomic level. 

Lead: Alberto Posso

Other researchers: Simon Feeny, Trong-Anh Trinh, Ankita Mishra, Sefa Awawory Churchill

SDG alignment

Recent Publications 

  • Awaworyi Churchill, S. (2020) “Microfinance Financial Sustainability and Outreach: Is There a Trade-off?” Empirical Economics
  • Awaworyi Churchill, S., and Marisetty, V. (2020) “Financial Inclusion and Poverty: A Tale of Forty-Five Thousand Households” Applied Economics, vol 52, No. 16, pp. 1777-1788
  • Awaworyi Churchill, S. (2020) “Impact of Microfinance on Poverty and Microenterprises” in S Awaworyi Churchill (ed.), “Moving from the Millennium to the Sustainable Development Goals: Lessons and Recommendations”, Palgrave MacMillan: Singapore.
  • Awaworyi Churchill, S., Nuhu, S., and Smyth, R. (2020) “Financial Inclusion and Poverty: Micro-level Evidence from Nigeria” in S Awaworyi Churchill (ed.), “Moving from the Millennium to the Sustainable Development Goals: Lessons and Recommendations”, Palgrave MacMillan: Singapore.
  • Zhang, S.Q. and A. Posso (2019) Thinking inside the box: A closer look at financial inclusion and household income, The Journal of Development Studies Vol. 55, No. 7, 1616-1631.
  • Posso, A. and P.C. Athukorala (2018) Microfinance and child mortality, Applied Economics Vol. 50, No. 21, 2313-2324.
  • Awaworyi Churchill, S. (2017) “Microfinance and Ethnic Diversity” The Economic Record, vol 93, pp. 112-141
  • Posso, A. (2015) Remittances and Financial Institutions: Is there a causal linkage? The B.E. Journal of Macroeconomics Vol. 15, No. 2, 769-789.


Work in progress

  • Mishra, A. Can access to banking (or ‘financial inclusion’) empower women at personal and household level?
  • Francois, J.N., A. Posso, R. Nurul, and L.E. Nanziri. Financial Development and Output In the Long-run: Theory and New Evidence
aboriginal flag
torres strait flag

Acknowledgement of country

RMIT University acknowledges the people of the Woi wurrung and Boon wurrung language groups of the eastern Kulin Nation on whose unceded lands we conduct the business of the University. RMIT University respectfully acknowledges their Ancestors and Elders, past and present. RMIT also acknowledges the Traditional Custodians and their Ancestors of the lands and waters across Australia where we conduct our business. - Artwork created by Louisa Bloomer