Measuring the inclusiveness of international financing to tourism in Latin America and the Caribbean
-
DOIhttp://dx.doi.org/10.21511/imfi.15(3).2018.02
-
Article InfoVolume 15 2018, Issue #3, pp. 15-34
- Cited by
- 2183 Views
-
207 Downloads
This work is licensed under a
Creative Commons Attribution-NonCommercial 4.0 International License
Globally, tourism has been identified as a means of poverty reduction and development, and as a means of encouragement of females, minorities and small businesses to better engage in the mainstream of economic life. This paper examines whether the international and governmental financial support, grated by international financial institutions, is effectively achieving these aims in Latin America and the Caribbean. A series of indices are established in the paper that assess the extent to which such funding includes non-corporate enterprise while also considering the volume and nature of such funding. It is concluded that the goals of inclusiveness are not being met.
- Keywords
-
JEL Classification (Paper profile tab)F35, L83, O19, Q01
-
References46
-
Tables14
-
Figures5
-
- Figure 1. Indicators: Objective: Financial inclusion of women and SMEs, by organization
- Figure 2. Projects whose final beneficiaries are other companies and SMEs, by organizations (indicators B4 and B5)
- Figure 3. Evolution of the mean year-on-year rate of variation in the portfolio of recipients, indicator B7 (1991–2012)
- Figure 4. Indicator C12: Mean year-on-year rate of variation in the total amount of funding provided for tourism (2000–2012)
- Figure 5. Indicators D6, D7, D8, D9, D10 and D11, financial instruments used by the IFIs for the funding of tourism, by organization
-
- Table 1. Survey fact sheet
- Table 2. Indicators of the level of financial inclusion in the development objectives of the projects
- Table 3. Indicators of the scope and growth of the portfolio of clients and end beneficiaries of the funding
- Table 4. Indicators of aspects related to the volume of funding
- Table 5. Indicators for the study of the characteristics of the funding
- Table 6. Indicators of non-financial support for inclusion
- Table 7. Evaluation of the financial inclusion measurement tool
- Table 8. Indicators of the level of financial inclusion in the development objectives of the projects, results
- Table 9. Indicators of the scope and growth of the portfolio of clients and end beneficiaries of the funding, results
- Table 10. Indicators of aspects related to the volume of funding, results
- Table 11. Indicators for the study of the characteristics of the funding, results
- Table 12. Indicators of non-financial assistance for financial inclusion, results
- Table 13. Standardized results of the tool by indicator
- Table 14. Standardized results of the tool, by section and overall
-
- AENOR (2003). UNE 66175:2003: Sistemas de gestión de la calidad. Guía para la implantación de sistemas de indicadores. Madrid: AENOR.
- Argumedo, P. (2017). Inclusión financiera de pequeños productores rurales: estudio de caso en El Salvador. Documentos de proyectos. Washington, CEPAL.
- Ashley, C., De Brine, P., Lehr, A., & Wilde, H. (2007). The Role of the Tourism Sector in Expanding Economic Opportunity. Corporate Social Responsibility Initiative Report. 23. Cambridge: John F. Kennedy School of Government, Harvard University.
- Botello, H. (2015). Determinantes del acceso al crédito de las PYMES en Colombia. Ensayos de Economía, 25(46), 135.
- Carrillo-Hidalgo, I., & Pulido- Fernández, J. I. (2016). Is the financing of tourism by international financial institutions inclusive? A proposal for measurement. Current Issues in Tourism, 1-27.
- CEPAL (Comisión Económica Para América Latina y El Caribe) (2007). Estudio económico de América Latina y el Caribe 2006–2007. New York: CEPAL, United Nations.
- CEPAL (Comisión Económica Para América Latina y El Caribe) (2008). Estudio económico de América Latina y el Caribe 2007–2008. New York: CEPAL, United Nations.
- CEPAL (Comisión Económica Para América Latina y El Caribe) (2009). Estudio económico de América Latina y el Caribe 2008–2009. New York: CEPAL, United Nations.
- CEPAL (Comisión Económica Para América Latina y El Caribe) (2010). Estudio económico de América Latina y el Caribe 2009–2010. New York: CEPAL, United Nations.
- CEPAL (Comisión Económica Para América Latina y El Caribe) (2012). Estudio económico de América Latina y el Caribe. Las políticas ante las adversidades de la economía internacional. New York: CEPAL, United Nations.
- CERISE (2011). SPI Gide v3.3. Paris: CERISE.
- Chandrasekhar, C. P. (2007). Estrategias nacionales de desarrollo. Guías de orientación de políticas públicas. Políticas financieras. New York: United Nations.
- Čihák, M., N’Diaye, P., Barajas, A., Mitra, S., Kyobe, A., Mooi, Y. N., & Yousefi, S. R. (2015). Financial Inclusion: Can It Meet Multiple Macroeconomic Goals? Staff Dis¬cussion Notes, 15/17. Washington: International Monetary Fund.
- Cull, R., Ehrbeck, T., & Holle, N. (2014). Financial inclusion and development: Recent impact evi-dence. Focus Note, 92. Washington, CGAP.
- Demirgüç-Kunt, A., Klapper, L. F., Singer, D., & Van Oudheusden, P. (2015). The Global Findex database 2014: Measuring financial inclusion around the world (World Bank Policy Research Working Paper No. 7255). Washington: World Bank Group.
- Demirgüç-Kunt, A., Klapper, L., Singer, D., Ansar, S., and Hess, J. (2018). Measuring financial inclusion: The Global Findex Database. Washington: World Bank Group.
- Enterprise Surveys (2018). Official web page.
- FELABAN (Federación Latinoamericana de Bancos) (2016). II Informe de Inclusión Financiera 2016. Bogotá: FELABAN.
- Hawkins, D., & Mann, S. (2007). The World Bank’s role in tourism development. Annals of Tourism Research, 34(2), 348-363.
- Hirschman, A. O. (1964). The paternity of an Index. The American Economic Review, 54(5), 761.
- IDB (Interamerican Development Bank) (2015). Official web page.
- IFC (International Financial Corporation) (2015). Official web page.
- Jafari, J. (1990). Research and Scholarship: The Basis of Tourism Education. The Journal of Tourism Studies, 1, 33-41.
- Ledgerwood, J. (1999). Sustainable banking with the poor. Microfinance Handbook. An institutional and financial perspective. Washington: The International Bank for Reconstruction and Development.
- Markandya, A., Taylor, T., & Pedroso, S. (2005). Tourism and sustainable development: Lessons from recent World Bank experience. Proceedings of Conference on Tourism and Sustainable Economic Development: macro and micro economic issues. Chia (Italy), 19-20.
- Mehrotra, A., & Yetman, J. (2015). Inclusión financiera: Implicaciones para los bancos centrales. Boletín, 61(3), 135-150.
- MIGA (Multilateral Investment Guarantee Agency) (2015). Official web page.
- OAS (Organization for American States) (2015). Official web page.
- OECD/INFE (2012). Principios de Alto Nivel de la OCDE/INFE sobre Estrategias Nacionales de Educación Financiera. París: OECD.
- Perric, J., Mujacevic, E., & Simunic, M. (2011). International financial institution investments in tourism and hospitality. Journal of International Business and Cultural Studies, 4, 1-17.
- Pulido-Fernández, J. I., Flores D., & Vargas-Machuca, M. J. (2008). Gestión activa de la deuda externa y desarrollo turístico. Los swaps deuda-turismo sostenible. Revista Economía Mundial, 20, 197-227.
- Ray, D. (2002). Economía del Desarrollo. Barcelona: Antoni Bosch.
- Roa, M. J. (2014). La inclusión y la estabilidad financieras. Documentos de investigación 15. México, Centro de Estudios Monetarios Latinoamericanos.
- Roche C. (2004). Evaluación de impacto para agencias de desarrollo. Aprendiendo a valorar el cambio. Barcelona: Intermon Oxfam GB.
- Rosenberg (2009). Measuring results of microfinance institutions: Minimum indicators that donors and investors should track-A technical guide. Washington: CGAP.
- Sharpley, R., & Telfer, D. (2002). Tourism and development: concepts and issues. Clevedon: Channel View Publications.
- Sinha, F. (2006). Social Rating and Social Performance Reporting in Microfinance Towards a Common Framework. Gurgaon: EDA/M-Cril, Argidius, y SEEP Network.
- Stein, P., Randhawa, B., & Bilandzic, N. (2011). Toward Universal Access Addressing the Global Challenge of Financial Inclusion. Washington: IFC.
- Tapia, G. (2014). Turismo sostenible. Introducción y marco financiero. Revista de Investigación en Modelos Financieros, 1.
- Trujillo, V., & Navajas, S. (2015). Inclusión financiera en América latina y el Caribe. Datos y tendencias. Washington: FONIM, Grupo BID.
- Watewrfield, C. & Ramsing, N. (1998). Management Information Systems for Microfinance Institu¬tions. A Handbook. Washington: CGAP y WB.
- WB (World Bank) (2012). Doing Business 2012. Washington: World Bank.
- WB (World Bank) (2015). Official web page.
- WB (World Bank) (2018). Official web page.
- Xinia, G. (1995). Hacia la elaboración de indicadores de evaluación. Revista Centroamericana de Administración Pública, 28/29, 167-186.
- Zuleta, J., & Alberto, L. (2016). Inclusión financiera de la pequeña y mediana empresa en Colombia. Financiamiento para el desarrollo. Washington: CEPAL.