We study a financial inclusion policy targeting Brazilian cities with low bank branch coverage using data on the universe of employees from 2000–2014. The policy leads to bank entry and to similar increases in both deposits and lending. It also fosters entrepreneurship, employment, and wage growth, especially for cities initially in banking deserts. These gains are not shared equally and instead increase with workers’ education, implying a substantial increase in wage inequality. The changes in inequality are concentrated in cities where the initial supply of skilled workers is low, indicating that talent scarcity can drive how financial development affects inequality.

中文翻译：

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金融包容性、经济发展和不平等：来自巴西的证据

我们利用 2000 年至 2014 年员工总体数据，研究了一项针对银行网点覆盖率较低的巴西城市的普惠金融政策。该政策导致银行进入以及存款和贷款的类似增加。它还促进创业、就业和工资增长，特别是对于最初处于银行沙漠的城市。这些收益并不是平等分享的，而是随着工人受教育程度的提高而增加，这意味着工资不平等大幅加剧。不平等的变化集中在技术工人初始供应量较低的城市，这表明人才稀缺可以驱动金融发展如何影响不平等。