YesFinancial access is gradually being recognised as an important input to economic development.
Using World Bank (2007) database, this study measures the extent of financial access in developed
and developing countries. Further, it develops a new Socio-Economic Development Index, which incorporates
financial access. It then compares socio-economic development of various countries as shown by
Human Development Index (HDI) alone and by the new index incorporating financial access. The results of
the study show that Spain ranks highest in terms of financial access followed by Belgium, Malta and South
Korea. In addition, the ranking of countries in terms of HDI changes if financial access is taken into accoun
