Financial Inclusion, Economic Development, and Inequality: Evidence from Brazil

Paper previously circulated as "The Real Effects of Banking the Poor: Evidence from Brazil." We thank Victor Duarte and Chenzi Xu for their unfailing support and numerous discussions. We also thank Daniel Carvalho (discussant), Shawn Cole (discussant), Tatyana Deryugina, Pascaline Dupas, Melanie Morten, Chad Jones, Dean Karlan (discussant), Ben Moll, Tarun Ramadorai, Rebecca de Simone (discussant), Amit Seru, Yongseok Shin, Tracy Wang (discussant), and seminar participants at Stanford Economics, Stanford GSB, SITE Financial Regulation, the Finance-Organization-and-Markets Conference at Dartmouth, WashU Olin, Boston College, Queen Mary University, University of Pittsburgh, FGV-EPGE, Insper, University of São Paulo, HEC-Paris, the Brazilian Econometric Society Seminar, Cheung Kong University GSB, the Bank of Lithuania, University of Georgia, University of Arizona, Imperial College, Australian National University, the Women in Applied Microeconomics conference, the Wabash River Finance conference, the Central Bank of Brazil, NBER-SI, Central Bank of Italy, Tuck Dartmouth, McDonough-Georgetown, FED-board, John Hopkins Carey business school and Berkeley University for helpful comments. Filipe Correia, Thomás Gleizer Feibert and Pablo Enrique Rodriguez provided superb research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• May 11, 2022