Abstract

The article analyzes modern tendencies and broadening dynamics of insurance companies’ and credit unions’ services in terms of world regions. The correlation analyses for finding lag relation between access broadening to the insurance companies’ and credit unions’ services and financial and economic parameters is held. The distribution-lag models for force and direction interrelation between access level to non-banking financial services and financial and economic regions development are elaborated. Keywords: financial inclusion, insurance company, credit union, lag, economic growth, regression

Highlights

  • Information and digital technologies spread rapidly all over the world and influence greatly financial sector development

  • Calculation results confirm that the government plays central role in financial services access expansion by introducing laws that protect property and rights of creditors and providing these laws were executed in appropriate ways

  • In the work of Han Rui and Martin Melecky (2013), the influence of access to banking deposits on deposits growth permanence is analyzed during 2008-2009 world financial crisis and it is found in average wider access to banking deposits of population lets rise the stability of deposit portfolio during financial crisis

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Summary

Introduction

Information and digital technologies spread rapidly all over the world and influence greatly financial sector development. To provide sustainable development of world economy and accessibility of financial services for different layers of society independently from geographic regions it is necessary to form needed infrastructure, the important role of which insurance companies and credit unions play, functioning as key representatives of non-banking financial sector.

Results
Conclusion

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